Home / News / India /  Gold prices surge today, up 1,700 per 10 gram in 3 days

Gold prices in India inched higher today, extending gains to the third day. On MCX, June gold futures rose 0.9% or 409 to 46,836 per 10 gram. In the previous two sessions, gold prices had rallied about 1,300 per 10 gram. Domestic gold prices have remained choppy after hitting a record high of above 47,000 per 10 gram last week, tracking volatile movement in global markets. May silver futures also inched 0.9% higher to 42,175 per kg.

Akshaya Tritiya, which is considered to be auspicious for purchasing gold or other precious metals, will be celebrated on Sunday.

"However, the sentiment this year will be different as the entire country is under lockdown due to the outbreak of coronavirus. While any direct sale from jewellery shops is not possible, online platforms may see traction. Many digital wallets and gold outlets have come with products like online gold sales and Gold certificates," said Nish Bhatt, founder and CEO of Millwood Kane International.

In global markets, gold prices fell today amid a firm dollar but losses were capped amid worries over global economy and fresh stimulus measures announced by the US. Spot gold declined 0.4% to $1,724.04 per ounce after rising as much as 1.5% in the previous session. Among other precious metals, platinum gained 0.7% to $760.68 an ounce, while silver eased 0.6% to $15.21.

Against key rivals, the US dollar was near a two-week high while most Asian stock markets were lower today. The US House of Representatives on Thursday approved a $484 billion coronavirus relief bill, pushing the total spending response to the crisis to an unprecedented near $3 trillion.

"Gold may continue with positive momentum as investors continue to place trust on gold’s safety due to fears of a steep global recession. Fiscal stimulus measures taken by central banks to overcome the negative economic impact of the coronavirus may also support the yellow metal," said Hareesh V, Head Commodity Research at Geojit Financial Services.

But moderate physical market activities due to lockdowns and a steady US dollar are likely to limit major gains, he added. (With Agency Inputs)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout