New Delhi, Oct 1: Gold prices rose for the second straight session, rising Rs 500 to Rs 1,49,800 per 10 grams in the national capital on Thursday, as a weaker rupee and a firm global trend supported the precious metal.
The yellow metal of 99.9 per cent purity had closed at Rs 1,49,300 per 10 grams in the preceding session.
Silver, however, declined by Rs 5,000 to Rs 2.27 lakh per kilogram, inclusive of all taxes, from Wednesday’s closing level of Rs 2.32 lakh per kg, according to local traders.
Despite the two-session recovery, gold lost Rs 2,800 or nearly 2 per cent, this week, while silver shed Rs 10,000, or 4.2 per cent.
The rupee’s slide below the 96-per-dollar mark provided some support to domestic gold prices. The Indian currency closed at 96.31 against the greenback on Thursday, its weakest level in more than two months.
Bullion markets will remain shut on Friday on account of Gandhi Jayanti.
Gold gained on Thursday after soft US inflation data reduced expectations of a rate hike by the US Federal Reserve, while silver remained volatile amid an upside move in the US dollar, said Gaurav Garg, Head of Research at brokerage platform Lemonn.
In global markets, spot gold rose USD 11.94, or 0.29 per cent, to USD 4,169.06 per ounce, while silver was up nearly 1 per cent at USD 60.79 an ounce.
“Gold spiked higher on softer inflation data; however, the rally was thwarted by a spike in oil prices as uncertainty in Hormuz continues and refined product shortages continue to linger,” said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.
According to Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, investors’ attention will shift to the upcoming US ISM Manufacturing PMI, weekly jobless claims, and comments from the Federal Reserve officials for further cues on the monetary policy outlook.
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