Gold maintains rising streak for 5th straight session; silver remains flat
capital on Monday, according to the All India Sarafa Association. The precious metal had settled at Rs 80,550 per 10 grams in the previous session on Friday.
In the past five trading sessions, gold prices appreciated Rs 1,660, or 2.1 per cent, to Rs 80,660 per 10 grams.
The price of gold of 99.5 per cent purity rose Rs 110 to Rs 80,260 per 10 grams against the previous close of Rs 80,150 per 10 grams on Friday.
«Gold prices advanced as the rupee weakened by touching 86.61, driven by elevated crude oil prices. The rise in crude prices came on the back of fresh sanctions imposed on Russia by US President Joe Biden, escalating geopolitical tensions,» Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
The rupee logged its steepest single-day fall in nearly two years and ended the session 58 paise down at its historic low of 86.62 (provisional) against the US dollar on Monday, weighed down by a stronger American currency and surging crude oil prices.
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