Gold and silver prices rose today in Indian markets after heavy losses in the previous session. On MCX, gold futures rose 0.8 percent to Rs 51,226 per 10 grams, while silver futures jumped 1.2 percent to Rs 62,086 per kg. In the previous session, the futures price of gold had fallen by Rs 800, while silver had fallen by around Rs 1,400. Gold prices remained stable today in global markets.
Price is so high in global markets
Prior to the US election results, there was little change in the spot gold price and it stood at $ 1,904.66 an ounce. Among other precious metals, silver rose 0.3 percent to $ 23.98, platinum was steady at $ 869.04, while palladium fell 0.5 percent to $ 2,276.97. The dollar index fell 0.02 percent today, rising 0.8 percent in the previous session.
30 percent increase in prices this year
In India, gold prices have risen by 30 percent this year in line with global levels. In August, gold reached a record high of 56,200 in India, while silver was close to Rs 80,000 per kg. Analysts expect the demand for gold in India to increase during the festive season. Gold is affected by widespread stimulus measures as it is widely seen as a hedge against inflation and currency depreciation.
Gold demand reduced by 30 percent: WGC
According to the World Gold Council (WGC) report, gold demand in India declined by 30 percent to 86.6 tonnes in the September quarter from a year earlier due to disruptions related to the coronavirus epidemic and higher prices. The total demand for gold in the September quarter of last year was 123.9 tonnes. On the basis of value, the demand for gold during this period decreased by four percent to Rs 39,510 crore as compared to Rs 41,300 crore last year.