Fri. Jun 18th, 2021

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Gold prices edged higher

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Five hundred gram silver bars sit next to one thousand gram gold bars

Gold prices edged higher tracking firm rates in international markets. Gold futures edged 0.1% higher to ₹50,465 per 10 gram while silver rose 0.8% to ₹69560. In the previous session, gold prices had edged 0.2% higher while silver rose 1.5%. Though gold has recovered from lows of below ₹48,000, it remains significantly lower than the August highs of ₹56,200. Similarly, silver had also almost touched ₹80,000 per kg in the same month.

In global markets, gold prices rose today as the US House of Representatives passed a $900 billion pandemic relief package that would finally deliver cash to businesses and individuals. The Senate is due to vote later in the day. Gold rose 0.4% to $1,883.93 an ounce while silver rose 0.2% to $26.23 an ounce.

Holdings in SPDR’s Gold Trust, the world’s largest gold-backed exchange-traded fund, showed some uptick. They rose 0.2% to 1,169.86 tonnes on Monday from 1,167.82 tonnes on Friday.

Silver, on the other hand, has outperformed and rallied sharply last week as it benefitted from concurrent gains in gold and industrial metals on back of weaker US dollar.

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