1 min read.Updated: 26 Nov 2021, 03:25 PM ISTLivemint
Gold prices today jumped more than 1% amid concerns over a new Covid variant spreading in South Africa
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Gold prices surged today in Indian markets, tracking a global rally in the precious metal as concerns over a new Covid variant spreading in South Africa boosted the metal's safe-haven appeal. On MCX, December gold futures were up 1.4% to ₹48,073 per 10 gram while silver futures jumped 0.4% to ₹63420 per kg. Despite today's surge gold is down about ₹1,200 per 10 gram from this month's high as fears of earlier-than-expected tightening of US monetary policy weighed on the precious metal.
On global markets, spot gold jumped 1% to $1,805.56 per ounce. Further aiding gold's climb, the dollar index eased 0.2% from a 16-month peak scaled earlier this week, while US benchmark 10-year Treasury yields also weakened. A weaker dollar reduces gold's cost to buyers holding other currencies.