Gold and silver prices in India moved higher today, in line with a strong global rally in precious metals. On MCX, October gold futures moved 0.35% higher to ₹55,290 per 10 gram. September silver futures moved 1% higher to ₹72,600 per kg. In the previous session, gold had risen over 1% or ₹580 per 10 gram, hitting ₹record high of ₹55,597. Silver had surged 3.2% or ₹2250 per kg, extending Tuesday’s ₹4,200 gain.
In global markets, gold prices were flat today, supported by weaker US dollar and hopes of more stimulus measures. Spot gold was steady at $2,039.75 per ounce, after hitting an all-time high of $2,055 in the previous session. US gold futures rose 0.3% to $2,055.90. Among other precious metals, silver fell 0.4% to $26.91 per ounce, while platinum rose 0.4% to $970.67.
The US dollar remained under pressure with the dollar index falling 0.2% to near two-year low against its rivals. A depreciation of the US dollar makes gold less expensive for holders of other currencies.
Uncertainty about global economic recovery and unprecedented stimulus measures have driven inflows into safe-haven assets such as gold this year. The yellow metal is up about 34% so far this year in global markets.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, said its holdings rose 0.8% to 1,267.96 tonnes on Wednesday.