Gold and silver prices in India edged higher today after a sharp fall in the previous session. On MCX, October gold futures were up 0.46% to ₹55,040 per 10 gram. Tracking gold, silver futures jumped 1.43% to ₹75,220 per kg. In the previous session, gold had slumped about ₹1,000 per 10 gram while silver nearly ₹1,600 per kg. Gold prices in India are up more than 40% so far this year.
In global markets,gold prices were steady today after a steep fall in the previous session. Spot gold was steady at $2,033.40 per ounce, supported by rising covid cases across the world and US-China tensions. In the previous session, the precious metal fell 1.5% to after hitting a record high of $2,072 amid a rebound in US dollar.
Among other precious metals, silver eased 0.1% to $28.28 per ounce, while platinum gained 0.9% to $970.12.
Gold is used as a safe investment during times of political and financial uncertainty. Meanwhile, SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund or gold ETF, said its holdings fell 0.46% to 1,262.12 tonnes on Friday.