Gold prices rose by Rs 232 to Rs 50,184 per 10 gram in the bullion market of national capital Delhi on Thursday, in line with gains in international price of the precious metal, news agency PTI reported, quoting HDFC Securities. On Wednesday, gold had closed at Rs 49,952 per 10 gram. Silver also gained Rs 1,275 to Rs 52,930 per kg from Rs 51,655 per kg in the previous trade. “Gold prices rallied on safe-haven buying over worries over rising virus cases,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Meanwhile, domestic gold futures fluctuated within a tight range but held above the Rs 49,100 per 10 grams on Thursday. MCX gold futures due for delivery on August 5 gained by Rs 110 – or 0.22 per cent – to touch Rs 49,269 per 10 grams at the strongest level recorded during the session, not far from an all-time high of Rs 49,348 per 10 grams registered recently. At 12:06 pm, gold futures traded 0.06 per cent higher at Rs 49,190 per 10 grams, while silver futures were up 0.51 per cent at Rs 51,645 per kilogram.
In the international market, gold rates steadied above the key $1,800 per ounce level on Thursday, as worries over mounting COVID-19 cases offset hopes of a swift global economic recovery. Spot gold was last seen trading little changed at $1,812.20 per ounce, having risen to $1,817.71 per ounce – its highest since September 2011 – on Wednesday.