E-Paper
Gold prices rally for third day ahead of Akshaya Tritiya, above Rs 46,500 per 10 gm
Gold prices in India have remained choppy after hitting a record high of above Rs 47,000 per 10 gram last week, tracking volatile movement in global markets. May silver futures also inched 0.4% higher to Rs 41,960 per kg.
Gold prices in India rose on Friday, extending gains to the third day, ahead of Akshaya Tritiya on April 26 as the rising number of coronavirus cases in India made investors rush to safety amid weakness in the global equity markets.
Gold futures were up 0.17% or Rs 78 to Rs 46,505 per 10 grams. In the previous two sessions, gold prices had rallied about Rs 1,300 per 10 gram. Silver futures added 0.17% or Rs 69 to Rs 41,875 per kg.
On the Multi Commodity Exchange (MCX), June gold contracts were trading higher by 0.16% at Rs 46,501 per 10 gram at 9:30am. Silver futures were trading 0.46% higher at Rs 41,998 per kg.
Gold prices on Thursday rose Rs 173 to Rs 46,340 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.
Gold prices in India have remained choppy after hitting a record high of above Rs 47,000 per 10 gram last week, tracking volatile movement in global markets. May silver futures also inched 0.4% higher to Rs 41,960 per kg.
Akshaya Tritiya, which is considered to be auspicious for purchasing gold or other precious metals, will be celebrated on Sunday.
In the global market, gold eased on Friday as investors booked profits after a 1% rise in the previous session, but weak economic data from the United States and Europe due to the coronavirus pandemic kept bullion on track for a weekly gain.
Spot gold slipped 0.6% to $1,721.15 per ounce by 0345 GMT, but was up about 2.2% for the week so far.
Prices hit a more than one-week high of $1,738.58 on Thursday, bolstered by hopes of more stimulus from the United States, especially after jobless claims soared to a record 26 million in the past five weeks.
US gold futures were little changed at $1,744.70 per ounce.
The dollar held close to a more than two-week high touched on Thursday, limiting appetite for gold.
Gold, considered a safe store of value during economic or political uncertainties, tends to benefit from widespread stimulus measures from central banks since it is seen as a hedge against inflation and currency debasement.
The coronavirus outbreak, with more than 2.7 million reported cases globally, has pushed governments and central banks around the world to bring in unprecedented fiscal and monetary support for economies.
(With agency inputs)
