Gold and silver prices in India rose again after a sharp decline in the previous session. October gold futures on MCX rose 0.46 percent to Rs 55,040 per 10 grams. At the same time, silver futures prices rose by 1.43 percent to Rs 75,220 per kg. In the previous session, gold slipped by Rs 1,000 per 10 grams, while silver was around Rs 1,600 per kg. Gold prices in India are more than 40 percent so far this year.
In global markets, gold prices are stable today, after a decline in the previous session. Spot gold is stable at $ 2,033.40 an ounce. This was supported by the growing Kovid-19 cases worldwide and US-China tensions. In the previous session, gold had fallen 1.5 percent after reaching a record high of $ 2,072 amid a rise in the US dollar.
Among other precious metals, silver lost 0.1 percent to $ 28.28 an ounce, while platinum gained 0.9 percent to close at $ 970.12.
In times of political and financial uncertainty, gold is used as a safe investment. Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, said its holdings fell 0.46 percent to 1,262.12 tonnes on Friday.
Gold prices today supported the weak dollar. The dollar index slipped 0.09 percent, making gold cheaper in other currencies.
Last week, the Reserve Bank of India gave a big deal to those taking gold loans. Banks will now be able to give loans up to 90% on gold jewelry. At present, loans are available only up to 75% of the total value of gold. This facility has been extended until 31 March 2021. It is known that during the time of the coronavirus epidemic, people have used gold loans quite a lot. In view of this, RBI took this decision. In gold loan, gold jewelry is given a loan by keeping it as collateral. Not only this, due to rising gold prices, but people will also be able to apply for a higher amount of loan.