Gold prices rose Rs 122 to Rs 51,989 per 10 grams in the national capital on Tuesday supported by rupee depreciation, according to HDFC Securities. In the previous trade, gold closed at Rs 51,867 per 10 grams. Silver also gained Rs 340 to Rs 69,665 per kg, from Rs 69,325 per kg in the previous trade. ”Spot gold prices for 24 karat in Delhi were up by Rs 122, supported by rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

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The rupee depreciated 25 paise and settled at 73.63 (provisional) against a US dollar on Tuesday amid rise in demand for the American currency from banks and importers. In the international market, gold was trading with marginal gains at USD 1,930 per ounce and silver was flat at USD 26.91 per ounce.

Reliance Securities Senior Research Analyst Sriram Iyer said, ”International gold and silver were steady on Tuesday afternoon trade, as doubts over global economic recovery offset pressure from a stronger dollar ahead of policy strategies from central banks in Europe and North America.” Iyer added that market participants’ focus will now be on Bank of Canada’s policy meeting on Wednesday, followed by the European Central Bank’s policy decision on Thursday.