Gold prices declines on fifth consecutive day; tanks Rs 163

Falling for the fifth consecutive day, gold prices on Friday declined Rs 163 to Rs 46,738 per 10 gram in the national capital amid rupee appreciation, according to HDFC Securities.

Silver headed for its worst week in three after retreating sharply from multi-year highs hit earlier this week when increased retail interest had propelled prices.

In the previous trade, the precious metal had closed at Rs 46,901 per 10 gram.

Silver, however, gained Rs 530 to Rs 67,483 per kg, from Rs 66,953 per kg in the previous trade.

The rupee inched up by 3 paise to 72.93 against the dollar in the opening trade on Friday.

In the international market, gold was quoting with gains at USD 1,810 per ounce and silver was flat at USD 26.71 per ounce.

Spot gold rose 0.3% to $1,798.41 per ounce by 0802 GMT, after falling over 2% to their lowest since Dec. 1 on Thursday. U.S. gold futures gained 0.4% to $1,799.10.

Gold price gained on Friday, recovering from a more than two-month low hit in the previous session, although prices were set for their biggest weekly drop in four due to a stronger dollar.

Silver headed for its worst week in three after retreating sharply from multi-year highs hit earlier this week when increased retail interest had propelled prices.

Spot gold rose 0.3% to $1,798.41 per ounce by 0802 GMT, after falling over 2% to their lowest since Dec. 1 on Thursday. U.S. gold futures gained 0.4% to $1,799.10.

For the week so far, gold has shed 2.1% and is on course for its biggest decline since the week ended Jan. 8.

Spot silver rose 0.7% to $26.47 an ounce, but was down 1.3% for the week. Prices have dropped over 11% since scaling a near eight-year peak of $30.03 on Monday.

Platinum added 0.9% to $1,107.10 and palladium gained 1.1% to $2,306.85. Both metals were headed for their best week in five.