Indian Gold Prices See Second Straight Gain as Rupee Weakens
Gold prices in India have continued their recovery trend, rising for the second consecutive session. The precious metal gained Rs 500 to reach Rs 1,49,800 per 10 grams on Thursday, according to local traders.
The increase came despite silver experiencing a decline of Rs 5,000, trading at Rs 2.27 lakh per kilogram. The weekly performance has been mixed for gold, which has fallen by Rs 2,800 or nearly 2% this week, while silver has lost Rs 10,000 or around 4.2%.
The rupee's weakness has supported domestic gold prices as the currency slipped below the Rs 96-per-dollar level on Thursday and closed at 96.31 against the US dollar. A weaker rupee makes imported gold more expensive in rupee terms.
International gold prices remained firm, with spot gold rising USD 11.94 or 0.29% to USD 4,169.06 per ounce, while silver gained nearly 1% globally.