India's Gold Prices Rise for Fifth Straight Session Amid Rupee Depreciation

India's gold prices rose for the fifth consecutive session on Monday, reaching Rs 1.56 lakh per 10 grams in New Delhi. The uptrend was attributed to a depreciation in the rupee, making imported bullion more expensive in domestic markets.

The yellow metal 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, traders said depreciation in the rupee made imported bullion more expensive in domestic markets, while marginal losses in overseas gold prices limited the upside. The international markets saw spot gold trading marginally lower at $4,335.32 per ounce, and silver was trading higher at $63.90 an ounce.