Gold prices hit Rs 50,000 for first time, silver rates cross Rs 60,000 per kg
WEB DESK/ AMN
Gold prices in India hit a fresh record high today. On Multi Commodity Exchange (MCX), August gold futures rose 1% to a new high of Rs 50,010 per 10 gram. This is the first time gold prices in India have touched Rs 50,000 in the futures market. September silver futures on MCX jumped 6.6% to Rs 61,130 per kg.
Around 10:30 am, Gold August futures on MCX were trading at Rs 49,950 per 10 gram, up 0.85% or Rs 423. Silver also rallied 5.42% or Rs 3108. September futures of Silver were trading at Rs 60,450. The rising number of Covid-19 cases have pushed the prices of gold and silver up to all-time high, as investors look for safe-haven assets.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges. While Gold prices surged 1% or about Rs 500 in the previous session, Silver jumped 6% or about Rs 3,400 per kg in the previous session, extending its gains. Gold is close to hitting the Rs 50,000 mark while Silver has surged Rs 7,000 in just three days.