Gold price in the national capital rose by Rs 442 to Rs 50,399 per 10 grams on Thursday amid a rise in international precious metal prices and sharp rupee depreciation, according to Securities. In the previous trade, the yellow metal had closed at Rs 49,957 per 10 grams.
Silver also climbed by Rs 558 to Rs 58,580 per kilogram from Rs 58,022 per kg in the previous trade.
The rupee depreciated 51 paise to an all-time low of 80.47 against the US dollar in early trade on Thursday after the US Federal Reserve’s interest rate hike and its hawkish stance weighed on investor sentiments.
In the international market, gold was trading higher at USD 1,677 per ounce, while silver was flat at USD 19.69 per ounce.
“Gold prices recovered sharply paring early loses as dollar index fell from 20 year highs during the day,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.