Gold prices moved further higher in the national capital Rs 118 to Rs 53,860 per 10 gram on Thursday amid rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 53,742 per 10 gram.

On the other hand, Silver prices tumbled by Rs 2,384 to Rs 64,100 per kg from Rs 66,484 per kg in the previous trade.

“Spot gold price for 24 carat in Delhi was up by Rs 118 on rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee fell 4 paise to close at 74.84 (provisional) against the US dollar on Thursday, tracking weak domestic equities and strong American currency.

In the international market, gold was quoting lower at $1,956 per ounce, while silver was trading at $23.50 per ounce.

On Tuesday, markets hit an all-time high of $1,981. Gold futures traded 0.2 per cent up at $1,981.60 after peaking at $2,000 this week.

Earlier in the day, reports stated that the yellow metal prices fell after 10 consecutive days of rising by 0.2 per cent to Rs 53065 per 10 gram. However, Delhi witnessed another price rise.

In the past nine days, gold has risen by Rs 5,500 per 10 gram or about 11 per cent, tracking global rally.

Expectations of more stimulus to revive the pandemic-hit economy have pushed the precious metal even higher.

Meanwhile, the US lawmakers were far away from closing a deal as the two sides, Republicans and Democrats, are still divided over the another round of stimulus package.

While the physical demand of gold has remained low because of the higher prices, investors has poured money into avenues such as exchange-traded funds to benefit from the rally.