Gold futures rose 0.16% to ₹52,252 per 10 gram while silver surged 0.8% to ₹65,880 per kg. Gold prices had rallied sharply last week, gaining around ₹1,500 per 10 gram over 5 days. On the opposite hand, silver had logged weekly gain of about ₹4,000 per kg. In August, gold had hit a record high of ₹56,200 per 10 gram.
Globally, gold prices today edged higher, supported by a weaker dollar and hopes of more US stimulus amid optimism about the outlook under a Joe Biden presidency. Gold rose 0.2% to $1,955.76 an oz . Gold's valuable cousin, silver, rose 0.5% to $25.72 per ounce while platinum gained 0.8% to $896.
The dollar index was hovering near a quite two-month low of about 92.177. A weaker US dollar means gold becomes cheaper to investors holding other currencies and will potentially increase the demand of the valuable metal. Gold is usually traded in US dollar and India may be a big importer of gold.
The latest tranche of sovereign gold bonds of this fiscal opens for subscription today before Dhanteras and Diwali which will be celebrated in the week . the difficulty price for Sovereign Gold Bond Scheme 2020-21-Series VIII has been fixed at ₹5,177 per gram of gold. And a reduction of ₹50 per gram are going to be available those investors applying online and therefore the payment against the appliance is formed through digital mode.