₹47,920 per 10 gram. In the previous session, gold prices had hit a record high of ₹48,289 per 10 gram before paring most of the gains.
Silver rates edged lower today today with futures on MCX falling 0.4% to ₹48,311 per kg. Gold prices continued to edge higher in global markets as surging coronavirus cases across the world has old bolstered the safe-haven appeal of gold.
Globally, the number of coronavirus cases has crossed the 9 million mark with World Health Organization saying that infections are accelerating as countries reopen economies.
Gold is often used as a safe store of value during times of political and financial uncertainty. “Gold is traditionally used as a hedge against inflation and risk aversion is helping the rally.