New Delhi: In the bullion market of the national capital, the price of gold continued to rise for the fifth consecutive trading session on Monday. On the first day of the week, its price increased by Rs 110 to Rs 80,660 per 10 grams. All India Bullion Association has given this information. In the last session, gold price had closed at Rs 80,550 per 10 grams. In the last five trading sessions, the price of gold has increased by Rs 1,660 to Rs 80,660 per 10 grams. The price of gold of 99.5 per cent purity rose by Rs 110 to Rs 80,260 per 10 grams, while its previous closing price was Rs 80,150 per 10 grams.
Jatin Trivedi, Vice President Research Analyst (Commodity and Currency) at LKP Securities said that gold prices rose due to weakening of rupee to 86.61. Crude oil prices rose due to new sanctions imposed on Russia by US President Joe Biden, increasing geopolitical tensions.
On Monday, the rupee closed at a historic low of 86.62 (provisional) against the dollar, its biggest single-day fall in nearly two years. The rupee fell by 58 paise to close at a historic low of 86.62 (provisional) against the dollar due to strengthening of the US currency and rise in crude oil prices. Trivedi said the fall in the rupee supported gold prices in the domestic market, which increased the impact of global cues.
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However, on Monday, silver remained stable at Rs 93,000 per kg for the second consecutive session. In international markets, Comex gold futures fell $10.70 an ounce to $2,704.30 an ounce. Spot gold prices are stable after rising 1.95 per cent last week, said Saumil Gandhi, Senior Analyst (Currency), HDFC Securities. Prices have risen due to fears of inflation. In the Asian market, Comex silver futures were trading 1.4 percent lower at $ 30.88 an ounce.
