Gold prices reached a record Rs 56,200 per 10 grams in August, since then gold prices have decreased by more than Rs 5000 per 10 grams.
Gold and silver prices rose in global markets today due to the expectation of a stimulus package to be announced before the US presidential election. Because of this, gold and silver prices in India today saw a spurt for the third consecutive day. Today in India, spot gold is trading at a price of Rs 50,650 per 10 grams. Spot gold price today was 0.07% higher than the average price of the previous week. Spot gold had closed at Rs 50,640 per 10 grams on Tuesday, while the average price for this week is Rs 50614.29 per 10 grams.
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At the same time, futures gold and silver prices saw a rise today on the Multiple Commodity Exchange. Today futures gold (gold futures) delivery in December is trading at Rs 51,047 per 10 gram on MCX. At the same time, futures silver prices have risen by 0.6% and are trading at Rs 63,505 per kg. Gold had closed at Rs 50,910 per 10 gram level on Tuesday. On MCX, it opened at Rs 50,950 per 10 grams with an increase of Rs 40 this morning and the boom continued. In early trade itself, gold touched the level of Rs 51077 per 10 gram, while it did not fall even below its opening price.
Increased prices in international market
Gold was supported today by the announcement of a stimulus package in the US as well as a weaker US dollar. Gold spot gained 0.3 percent to $ 1,912.11 an ounce, while silver rose 0.7 percent to $ 24.82 an ounce and platinum rose 0.3 percent to $ 873.89. The dollar index was down 0.14 percent against rivals, making gold cheaper for holders of other currencies.
