Yellow metal prices showed a decent jump on the Multi Commodity Exchange (MCX) as gold August futures were trading Rs 185 higher at Rs 48,279 per 10 grams, compared to the previous session’s rate of Rs 48,094 per 10 grams.
Following suit, silver September futures also witnessed a good spike as they traded at Rs 67,465 per kg, a jump of Rs 219 over the previous session’s amount of Rs 67,246 per kg.
Gold prices had hit a record high of 56,191 per 10 gram in August 2020.
However at the international level, gold prices were flat due to growing concerns among investors about the Delta virus variant’s surge which could hit global economy.
Spot gold was at $1,813.15 per ounce, after falling to a one-week low of $1,794.06 in the previous session. US gold futures edged up 0.3 per cent at $1,813.80.
“COMEX gold trades 0.5 per cent higher near $1819 per ounce after a 0.3 per cent decline in the previous session. Gold trades higher supported by lower bond yields and safe haven buying amid increasing virus cases, US-China tensions and rising inflation concerns. However, weighing on price is firmness in the US dollar and weaker investor and consumer demand. Gold has managed to hold above $1800 per ounce level and may benefit from safe haven buying however any major upside will be challenged by a stronger US dollar,” said Ravindra Rao, Head of Commodity Research at Kotak Securities, while commenting on gold trends.