Silver futures on MCX on Tuesday declined 0.2 per cent to 49,691. Gold had hit a record high of ₹48,982 in the futures markets last week. The price of 22-carat gold slid in Delhi is Rs 46,900 per 10 gram, in Chennai, it is Rs 46,100. In Mumbai, the rate was Rs 47,950, according to the personal finance website GoodReturns.in. The price of 24-carat gold prices in Chennai was at Rs 50,710.
However, spot gold, in global markets, rose to $1,784.99 per ounce touching a near eight-year high of $1,788.96, which was hit last week, according to the business daily Mint. Among other precious metals, platinum gained 1.1 per cent to $821.76 while silver rose 0.5 per cent to $18.30.
More than 1.15 crore people globally are infected by Covid-19 and over 5.3 lakh have died, according to Johns Hopkins University. This week India overtook Russia to record the world's third-highest number of Covid-19 infections. In times of political and financial uncertainty, gold is seen as a safe investment. Stimulus measures and lower interest rates tend to support gold, which is often considered a hedge against inflation and currency debasement.
The US dollar remained under pressure, making gold cheaper for holders of other currencies.
The fourth tranche of sovereign gold funds of this fiscal (2020-21) opened for subscription on Monday and will remain open till July 10. The government is offering gold at ₹4,852 per gram while investors applying online and making payment through digital mode can avail a discount of ₹50 per gram.
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