After the sharp fall in the previous session, the prices of gold and silver rose in Indian markets today. October futures on MCX rose 0.23 per cent to Rs 50,940 per 10 grams, while silver futures rose 0.75 per cent to Rs 68,770 per kg.
For the last two days, the precious metal futures prices were declining. On Wednesday, gold futures slipped by Rs 650 per 10 grams, while the price of silver was reduced by Rs 2,650 per kg. Gold prices in India reached a record level of Rs 56,200 per 10 grams last month.
Price is so high in global markets
Talking about global markets, gold prices were flat today after a fall of 1.4 percent in the previous session. Spot gold was up 0.1 percent at $ 1,944.58 an ounce amid concerns of a global economic recovery. According to data released on Wednesday, US private employers hired fewer workers than expected in August.
Among other precious metals, silver fell 0.1 percent to $ 27.48 an ounce, platinum rose 0.1 percent to $ 906.69 and palladium fell 0.3 percent to $ 2,241.10.
So the price was affected
The strong US dollar put pressure on gold prices. The dollar index, which measures the dollar's performance against six currencies, reached 92.852, making gold expensive for the holder of other currencies. On the other hand, gold was also supported by additional US stimulus. It is known that gold is considered a safe investment in times of political and financial uncertainty.