Gold price today: Yellow metal trades higher, price nears ₹50,000 per 10 gram; silver reaches new peak

Gold price today edged to ₹49,483 per 10 gram, while silver was trading 0.93% higher at ₹72,565 per kg. Among other precious metals, platinum price has shown an uptick and rose 0.38% to $1195.0 per Troy ounce.

Gold and silver prices were seen trading higher in India on Tuesday, with August gold contracts on the Multi-Commodity Exchange (MCX) trading higher by 0.27% at ₹49,483 per 10 gram. In the previous session, gold was up 0.54% or about ₹453.1 per 10 gram. Gold futures had closed at ₹49,349 per 10 gram in the previous session.

In the previous session, gold was up 0.54% or about ₹453.1 per 10 gram. Gold futures had closed at ₹49,349 per 10 gram in the previous session. (File Photo)

July silver futures, on the other hand, were on Tuesday trading 0.93% higher at ₹72,565 per kg. Silver had settled ₹71,898 per kg in the previous session.

Among other precious metals, platinum price has shown an uptick. Platinum rose 0.38% to $1195.0 per Troy ounce. Also, the price of 24k gold in the Indian spot market was quoted at ₹47,710, according to agencies.

The current gold and silver rates in India come in the backdrop of a positive international trend in the prices of these metals, which continue to show an upward trend. Spot gold rose by 0.32% to $1911.9 per Troy ounce. This price level is 9.01% higher than average gold price observed in the past 30 days ($1739.7). Among other precious metals, silver prices edged higher today. Silver gained 0.67% to $28.2 per Troy ounce.

According to experts, a weaker US dollar and concerns over inflation have led to the surging gold rate in the international market, on the back of coronavirus disease (Covid-19) vaccinations and hopes of further stimulus.