Gold prices in the national capital continued to hit new highs, rising by ₹475 per gram to ₹51,946 per 10 gram on Friday, on the back of gains in the international prices of the precious metal and a rupee depreciation, according to HDFC Securities.
Also read: India gold prices hit all-time high, dampens retail demand
In the previous trade, it had closed at ₹51,471 per 10 gram.
Silver, however, declined by ₹109 to ₹62,262 per kg, from ₹62,371 per kg on Thursday.
“Spot gold prices for 24 karats in Delhi continued to hit new highs, rising by ₹475, with recovery in international gold prices and a rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Also read: Gold exceeds ₹50,000 level, dampens demand
The rupee slipped 8 paise and settled at 74.83 against the US dollar on Friday, as weak domestic equities and escalating tensions between the US and China weighed on investor sentiments.
In the international market, gold was quoting higher at $1,897 per ounce and silver was trading with marginal gains at $22.70 per ounce.
Increased tensions between the US and China and worries over growing coronavirus cases are expected to increase safe-haven demand for the precious metals, he said.
