Gold rate rises on strong global trend\, near Rs 51\,000
NEW DELHI: Gold and silver prices rose in Friday's early trade, tracking the global trends in precious metals. Meanwhile, India continued to report the highest number of daily cases in the world which also lifted bullion’s appeal.
The head of the Chicago Federal Reserve on Thursday called on Congress to deliver more fiscal aid and signaled US monetary policy would be eased further and interest rates kept at ultra-low levels for years to help the economy recover its pre-pandemic strength.
Gold futures on MCX were up 0.33 per cent or Rs 168 at Rs 50,910 per 10 grams. Silver futures added 0.13 per cent or Rs 84 to Rs 67,010 per kg.
Gold prices on Thursday plunged Rs 774 to Rs 51,755 per 10 gram in the national capital following decline in global prices, according to HDFC Securities. Silver prices also tumbled Rs 1,908 to Rs 69,176 per kilogram.
Globally, gold prices rose as a slightly weaker U.S. dollar and a pullback in global equities lifted demand for the safe-haven metal, while investors awaited the release of U.S. non-farm payrolls data for August.
Spot gold was up 0.4 per cent at $1,937.84 per ounce by 0102 GMT, after falling to a near one-week low on Thursday. Bullion has declined 1.5 per cent so far this week. US gold futures rose 0.2 per cent to $1,942.20.
The dollar index fell 0.1 per cent against its rivals after rising to a near one-week high in the previous session, making gold less expensive for holders of other currencies.
Investors now await U.S. payroll figures due later in the day for further signs of labor market stagnation.
Silver gained 1.1 per cent to $26.92 per ounce, platinum rose 0.6 per cent to $894.97 and palladium climbed 0.5 per cent to $2,295.98.