Gold rises Rs 500 per 10 gram

Gold prices rose for the second straight session, rising `500 to `1,49,800 per 10 grams in the National Capital on Thursday, as a weaker rupee and a firm global trend supported the precious metal.
The yellow metal of 99.9 per cent purity had closed at `1,49,300 per 10 grams in the preceding session.

Silver, however, declined by `5,000 to `2.27 lakh per kilogram, inclusive of all taxes, from Wednesday’s closing level of `2.32 lakh per kg, according to local traders. Despite the two-session recovery, gold lost Rs 2,800 or nearly 2 per cent, this week, while silver shed `10,000, or 4.2 per cent.

The rupee’s slide below the 96-per-dollar mark provided some support to domestic gold prices. The Indian currency closed at 96.31 against the greenback on Thursday, its weakest level in more than two months.
Bullion markets will remain shut on Friday on account of Gandhi Jayanti.Gold gained on Thursday after soft US inflation data reduced expectations of a rate hike by the US Federal Reserve, while silver remained volatile amid an upside move in the US dollar, said Gaurav Garg, Head of Research at brokerage platform Lemonn.