Gold Prices Retract To Rs 47,007 Per 10 Gram, Silver Rates Surge ₹50,409 Per Kg

Gold prices in the global markets surged as violent protests in America continue along with the US-China stand-off supported the rise in bullion.

Representational Picture (AFP)

New Delhi: Gold prices in India weakened on Friday even as the global rates surged with protests in the US escalating leading investors to seek refuge in the safe-haven metal. August gold futures on MCX slipped 0.21 per cent to ₹47,007 per 10 gram but silver continued to rally as expectations on the economic revival to spur industrial demand grew strong. On MCX silver futures rose 0.6 per cent to ₹50,409 per kg after it gained up to ₹1,600 on Friday, according to figures in Mint report. ALSO READ: Protests Over George Floyd's Death Spread Around The Globe, Thousands Protest In Germany, U.K, Canada Meanwhile, total coronavirus cases in India has now reached 1,90,535 with the death toll at 5,394. There is a variation in prices of gold jewellery across the country as a result of excise duty, state taxes, and making charge. 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 0.4 per cent at $1,733 per ounce. Gold prices in global markets looked up as violent protests in America continue along with the US-China stand-off that seems to have no breakthrough. All this supported the surge in bullion. The bullion garnered strong investment demand even as uncertainties continue with holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or ETF, rising 0.3 per cent to 1,123.14 tonne on Friday. 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. While protesters in several cities in the US have taken to streets over the death of George Floyd in police custody, allaying fears of the revival of Covid-19, which has already left more than 1 lakh dead in the country. (With inputs from agency)