gold prices have moved sharply higher this year. Year to date, gold prices in India are up about 20%, following a 25% surge last year.
Worries about deeper global recession amid coronavirus crisis, unprecedented global stimulus, US-China tensions and rupee's depreciation against US dollar have led to a rally in domestic prices.
On Friday, gold futures on MCX settled marginally lower at ₹47,355 per 10 gram while silver tumbled ₹900 to ₹47,741 per kg. Last month, gold had hit a record high of about ₹48,000 per 10 gram in India.High prices, lockdown restrictions and coronavirus crisis has severely dented gold demand in India, leading dealers to offer discounts over official domestic prices.