Gold Prices Near Rs. 47000 Again On Equity Sell-Off, Retreat In US Treasury Yield

Gold prices in the international market jumped to a one-week high as treasury yield retreated lower and lifted the bullion's appeal. Spot gold rose 0.1% to $1,809.57 per ounce by 0057 GMT, having hit its highest since Feb. 16 at $1,812.31 on Monday.

There was a drag on the dollar which sank to multi-year lows as focus shifted to economic growth outlook.

Back home, gold price on the MCX for April delivery gained a massive Rs. 700 or 1.5% to Rs. 46900. Also, silver in line zoomed to Rs. 70465 per kg, lifted almost 2 percent in the earlier trade.

The global rout in equities also boosted sentiment and lifted safe haven appeal of the precious yellow metal.

Another factor which propelled the surge in gold price is the rising inflation concerns owing to advancement in the US coronavirus relief bill. Gold is considered as a hedge against inflation.

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