Gold and silver prices in India have risen today due to selling in global equities. October gold futures on MCX rose 0.3 percent to Rs 50,911 per 10 grams, while silver futures rose 0.23 percent to Rs 67,080 per kg. Gold prices fell for three consecutive days before today.
In the previous session, the futures price of gold had fallen by 0.12 percent per 10 grams, while silver had fallen by about two percent, ie Rs 1,300 per kg. Gold prices have remained volatile since August 7, reaching a record high of Rs 56,200.
State of global markets
The price of gold has also increased in global markets as global equities declined, leading to an increase in safe-haven demand for the yellow metal. But the gains were limited by the strong US dollar. Gold traders await the release of US non-farm payroll data for August.
Spot gold rose 0.4 percent to $ 1,937.84 an ounce. The head of the Chicago Federal Reserve on Thursday called on Congress to give more fiscal stimulus and hinted at a positive move ahead of US monetary policy.
Among other precious metals, silver rose 1.1 percent to $ 26.92 an ounce, while platinum rose 0.6 percent to $ 894.97.
Last day of investment in Sovereign Gold Bond
The central government has given the public a chance to buy gold at cheaper rates. Investors can buy gold at a much lower price than the market price under the Sovereign Gold Bond Scheme. Today is its last day. Up to five days were given by the government to invest in the scheme.
Under the scheme, you can buy gold at Rs 5,117 per gram. That is, if you buy 10 grams of gold, then it costs Rs 51,170 and if the gold bond is purchased online, then the government gives an additional rebate of Rs 50 per gram to such investors. That is, investors buying gold online will have to pay Rs 5,067 per gram. In this case, you will get 10 grams of gold for Rs 50,670.