Silver climbs Rs 5K, gold up by Rs 2K

New Delhi: Gold prices rose for the fifth consecutive session, climbing Rs 2,000 to Rs 1.56 lakh per 10 grams in the national capital on Monday due to depreciation in the rupee, which elevated the rates of the precious metal.

The yellow metal of 99.9 per cent purity had closed at Rs 1,54,000 per 10 grams in the previous session.Silver also resumed its upward movement after ending flat in the previous session, surging Rs 5,200 to Rs 2,40,000 per kilogram, according to the All India Sarafa Association.The white metal had settled at Rs 2,34,800 per kg on Friday.

Traders said depreciation in the rupee made imported bullion more expensive in the domestic markets, while marginal losses in overseas gold prices limited the upside.

“Gold traded positively in the domestic markets, while the yellow metal in global markets remained largely flat after the recent rally. Bullion prices continue to hold firm as investors await fresh macroeconomic triggers,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. In the international markets, spot gold was trading marginally lower at $4,335.32 per ounce, while silver was trading higher at $63.90 an ounce. “Gold eased from its seven-week high on Monday as investors booked profits ahead of key US inflation data due later this week,” said Gaurav Garg, Head of Research, Lemonn Markets Desk.Despite the mild pullback, bullion remained well supported by expectations of a less aggressive Federal Reserve and lingering geopolitical tensions in West Asia, he added.