New Delhi, May 29: After a downside in the past few days, domestic gold prices edged higher on Friday as the US-China crisis deepened with the latter planning to move ahead with the security legislation on Hong Kong. On MCX, June gold futures rose 0.34 per cent to ₹46,565 per 10 gram while July silver futures inched 0.3 per cent higher at ₹48,710 per kg, according to the figures in a Mint report.

Earlier gold prices had touched a record high of ₹47,980 per 10 gram, but remained volatile as the risk appetite improved with the lifting of restrictions worldwide.

There is a variation in prices of gold jewellery across the country as a result of excise duty, state taxes, and making charges. Gold is typically seen as a hedge against inflation and currency debasement.

As the government and central banks around the world unveiled several stimulus measures to support it has supported the gold prices.

Meanwhile, the spot gold in global markets also moved 0.1 per cent at $1,719.63 per ounce. The gold prices witnessed a rally as China pushed its decision to move ahead with the national security legislation for Hong Kong, which may hamper its status as a financial hub. US President Donald Trump has decided to take a tough stance and on the issue.

The tussle between the two major economies has raised concerns over the economic recovery owing to Covid-19 outbreak that has left the economies battered worldwide.

In a previous briefing, US President Donald Trump's top economic adviser Larry Kudlow has warned that Hong Kong, which has enjoyed special privileges, may now need to be treated like China when it comes to trade and other financial matters.

Other precious metals, platinum fell 0.9 per cent to $830.81, and silver fell 0.3 per cent to $17.38.