Gold crosses Rs 51,000 mark, up by Rs 502

New Delhi: Gold prices went past Rs 51,000 mark in the national capital, rising by Rs 502 on Thursday on strong international prices, according to HDFC Securities.

The precious metal rose by Rs 502 to Rs 51,443 per 10 gram from Rs 50,941 per 10 gram in the previous trade.

Silver, however, declined by Rs 69 to Rs 62,760 per kg from Rs 62,829 per kg on Wednesday.

"Spot gold prices for 24 carat gold in Delhi hit new high trading above Rs 51,000, gaining Rs 502 on strong international gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading higher at USD 1,875 per ounce, while silver was flat at USD 22.76 per ounce.

"Gold prices gained strength on tensions between the US and China. Surge in virus cases in the US has boosted safe-haven demand for precious metals," he added.