Gold prices in India edged higher today after suffering a big fall in the previous session. On MCX, gold futures were up 0.4% to ₹46,853 per 10 gram.
In the previous session, gold had hit a record high of ₹47,980 but could not sustain the gains, ending 1.5% or ₹705 lower. Silver prices edged lower today with futures on MCX down 0.14% to ₹47,633 per kg.
Gold prices in India include 12.5% import duty and 3% GST. India imports most of its gold requirements. In global markets, gold prices inched higher today, supported by US-China tension and worries about the economic impact of coronavirus crisis.
However, some positive news from an early-stage trial for a coronavirus vaccine helped improve global risk sentiment and capped gold's rise.