Gold, silver prices rise marginally, gold at ₹47,409, silver ₹70,280

The bullion had closed at ₹47, 241 per 10 gram and silver at ₹70,129 per kg in the previous session.

The prices of the bullion witnessed a slight increase on Tuesday. After trading low yesterday, gold futures on Multi Commodity Exchange (MCX) rose ₹167 or 0.35 per cent to ₹47,409 per 10 gram. Silver futures on MCX rose ₹151 or 0.22 per cent to ₹70, 280 per kg.

Gold also increased marginally in the global markets. (REUTERS)

The bullion had closed at ₹47, 241 per 10 gram and silver at ₹70,129 per kg in the previous session.

It has been a slow year for the precious metals as the pace of the coronavirus cases decline and vaccination drives began globally, raising optimism in the stock market. Gold last year had hit ₹56,200 per 10 gram, while silver had skyrocketed to ₹77, 800 per kg. Both the metals have declined by over ₹8,000 and ₹7,000 respectively.

Platinum prices has soared the highest in the gap of 6.5 years on Tuesday. The major price hike is fueled by the speculations that the global economy revcovery will increase the demand of the metal. The metal that rose up 2.3% at $1,333.02 an ounce is mostly used catalytic converters for automobiles.

As per the analysts, reported Reuters, a recovery in auto sales in Africa and tougher emission regulation is boosting the price rise.

Gold also increased marginally in the global markets. Spot rates of the yellow metal rose 0.3% to $1,824.02 per ounce, however, its rise was halted by the significant increase in US Treasury yields that hit its highest at 1.24 per cent since March last year.

Global equities are rallying high as well on the back of Covid-19 stimulus hopes, economic recovery, fluctuating dollar and higher US Treasury yields.

Another major asset, Bitcoin also crossed its highest level today, when the digital currency reached closer to $50, 000. Bitcoin rose 3.6 per cent to $49,913 in Asian trading on Tuesday.