Gold Rises Rs 500 on Weaker Rupee, Firm Global Trend

Gold prices rose for the second consecutive session in New Delhi on Thursday, reaching Rs 1,49,800 per 10 grams due to a weaker rupee and firm global trend. The precious metal of 99.9 per cent purity had closed at Rs 1,49,300 per 10 grams in the preceding session.

Silver prices, however, declined by Rs 5,000 to Rs 2.27 lakh per kilogram from Wednesday's closing level of Rs 2.32 lakh per kg. 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, closing at 96.31 against the greenback on Thursday. Bullion markets will remain shut on Friday due to Gandhi Jayanti celebrations.