Silver and gold prices inched higher for the fourth consecutive day in domestic markets on Wednesday, following the positive international trend in global rates.
Silver and gold prices inched higher for the fourth consecutive day in domestic markets on Wednesday, following the positive international trend in global rates. On MCX, gold April futures were trading Rs 122 or 0.25 per cent up at Rs 48,070 per 10 grams.
While silver March futures were ruling at Rs 69,850 per kg, up 154 or 0.22 per cent. Since the start of 2021, gold prices have been very volatile after it hit a record high of Rs 56,196 per 10 grams in August last year.
In global markets, expectations of a massive stimulus package in the US lifted bullion’s appeal, along with a weak dollar. Spot gold rose 0.2 per cent to $1,839.99 per ounce while US gold futures gained 0.2 per cent to $1,840.40.
That gold has erased almost all of December’s gain and is now slowly finding its feet with $1780 as its base. Gold prices have started recovering after Democrats released the first draft of key legislation that will comprise President Joe Biden’s Covid-19 relief bill.
Ahead of Chinese Lunar New year, physical demand for gold in China has picked up. “We have started to see premium increasing from some refineries and bulk suppliers for gold and silver bars indicating supply tightness.