Gold prices start the week at ₹48,332 per 10 gram, fall to ₹48,861

Gold prices rose by ₹117 to ₹48,332 per 10 grams in Delhi on Monday but snapped its gain on Friday over a weak trend in the international market. The price of the precious metal rose in the national capital on Monday with a recovery in international prices and rupee depreciation, according to HDFC Securities. The precious metal had closed at ₹48,215 per 10 grams in the previous trade. Silver also jumped by ₹541 to ₹64,657 per kg from ₹64,116 per kg in the previous trade.

The rupee depreciated by 21 paise to 73.28 against the US dollar on Monday. In the international market, both gold and silver were trading in the green at $1,834 per ounce and $25 per ounce respectively.

On Tuesday, gold gained again following a rally in international precious metal prices, according to HDFC Securities. Gold gained ₹198 to ₹48,480 per 10 gram in the national capital. In the previous trade, it had closed at ₹48,282 per 10 gram.

Silver also marched higher by ₹1,008 to ₹65,340 per kilogram from ₹64,332 per kilogram in the last trade. Both gold and silver were quoting gains at $1,843 per ounce and $25.28 per ounce, respectively, in the international market.

Gold gained for the third day on Wednesday rising ₹347 to ₹48,758 per 10 gram in the national capital in line with rally in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹48,411 per 10 gram. Silver also witnessed buying as it gained ₹606 to ₹65,814 per kg from ₹65,208 per kg in the previous trade.

In the international market, both gold and silver were quoting with gains at $1,854 per ounce and $25.28 per ounce, respectively.

"Gold prices edged higher, reacting to US Treasury Secretary nominee Janet Yellen's plans to fight the coronavirus-induced economic crisis with big spending," Navneet Damani, vice-president (commodities research) of Motilal Oswal Financial Services, told PTI.

According to HDFC Securities, gold price on Thursday jumped ₹575 to ₹49,125 per 10 gm in the national capital amid firm global market trend. The precious metal had closed at ₹48,550 per 10 gm in the previous trade. Silver also shot up by ₹1,227 to ₹66,699 per kg, compared to the previous close of ₹65,472.

"Spot gold prices for 24 karat gold in Delhi rallied for the fourth consecutive day by ₹575 in line with surge in COMEX (New York-based commodity bourse) gold prices," HDFC Securities senior analyst (Commodities) Tapan Patel said, according to PTI. Gold prices surged on easy monetary policy from major central banks, while the dollar headed for the fourth straight day decline on stimulus hopes, Patel added, according to the news agency.

Gold prices on Friday slipped by ₹263 to ₹48,861 per 10 grams in the national capital due to a weak trend in the international market, according to HDFC Securities. The precious metal had closed at ₹49,124 per 10 gm in the previous session.

Silver prices also declined from ₹806 to ₹66,032 per kilogram, compared with the previous close of ₹66,838 per kg. Gold was trading weaker at $1,861 an ounce and silver was also down at $25.52 an ounce in the international market.

"Following weaker COMEX (New York-based commodity bourse), spot prices for 24 karat gold in Delhi lowered by ₹263 per 10 gm, pausing three-day winning streaks," a senior analyst of HDFC Securities was quoted as saying by PTI.

(With PTI inputs)