Today, the prices of gold and silver in Indian markets have gone up. December futures on MCX gained 0.4 per cent to Rs 51,016 per 10 grams. This was the third consecutive day in gold. While silver futures jumped 1.4 percent to Rs 63,769 per kg. Gold and silver ended on a strong note in the previous session, which were 1.2 per cent and 4 per cent respectively.
In global markets, gold prices fell today. The strong US dollar and uncertainty over the US stimulus package put pressure on gold. Spot gold fell 0.2 per cent to $ 1,925.29 an ounce after reaching $ 1,932.96 in the opening session. The dollar index was up 0.07 percent against rivals, making gold more expensive for holders of other currencies.
Uncertainty over America’s stimulus package continued, with President Donald Trump and House Speaker Nancy Pelosi blaming each other for the lack of progress on the deal. Among other precious metals, silver lost 0.4 per cent to $ 25.02 an ounce, platinum fell 1 per cent to $ 876.80 and palladium fell 0.2 per cent to $ 2,435.35.
Unprecedented stimulus measures by governments and central banks worldwide have raised gold prices this year. In India, gold prices have risen by 29 per cent this year in line with global levels. Analysts say the precious metal will gain support from Democrats coming to power in the US and reducing uncertainty on global economic recovery. In August, gold futures in India reached a record high of Rs 56,200 per 10 grams.
The Reserve Bank of India (RBI) has fixed the issue price of gold bonds at Rs 5,051 per gram. The series of Sovereign Gold Bond Scheme 2020-21 will be open from October 12 to October 16 for seven subscriptions. The RBI said in a statement, ‘The value of the bond is Rs 5,051 per gram based on the average closing price of 999 purity gold in the last three trading days of the previous week from the subscription period’.