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Gold hits fresh high of Rs 51,946, rises by Rs 475

New Delhi: Gold prices in the national capital continued to hit new highs, rising by Rs 475 to Rs 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.

In the previous trade, it had closed at Rs 51,471 per 10 gram.

Silver, however, declined by Rs 109 to Rs 62,262 per kg, from Rs 62,371 per kg on Thursday.

“Spot gold prices for 24 karats in Delhi continued to hit new highs, rising by Rs 475, with recovery in international gold prices and a rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

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 USD 1,897 per ounce and silver was trading with marginal gains at USD 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.

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