For the first time, gold prices in India breached ₹50,000 in the futures market, as per the business daily Mint report. In the previous session, gold prices surged 1 per cent or about ₹500 in the previous session. On the other hand, silver had soared 6 per cent or about ₹3,400 per kg in the previous session.
The price of gold of 22-carat gold in the capital rose to Rs 47,900 per 10 gram. The 24 carat gold in New Delhi is at Rs 49,100 while in Chennai the 22-carat gold price rose marginally to Rs 47,090 while in Chennai it is costing Rs 51,370. In Mumbai, the rate was Rs 48,100 for 22 carat gold, as per the personal finance website Good Returns.
Gold prices have soared as the demand accelerated due to concerns regarding the spike in Covid-19 cases and expectations of more stimulus measures.
Globally, spot gold prices surged 1.3 per cent to $1,865.81 an ounce, the highest in almost nine years, as per the report in business daily Mint. A weak US dollar and rising cases of Covid-19 across the world besides expectation of more stimulus measures supported the gold prices. Silver spot prices climbed as much as 7.2 per cent to $22.8366 an ounce, the highest since 2013.
SPDR Gold Trust , the world's largest gold-backed exchange-traded fund or gold ETF, said its holdings rose 0.7 per cent to 1,219.75 tonnes.
European leaders have cleared a massive stimulus package of $865 billion to support recovery of the economy battered by the COVID-19 pandemic. Meanwhile, in the US, White House officials and top congressional Democrats also mulling on fresh round of stimulus that would include extended unemployment insurance.