Gold prices down ₹2000 per 10 gram in a day, silver rates crash ₹6,000: Check here today rate

Gold and silver prices suffered steep losses on Friday, tracking a sharp decline in global rates. On MCX, February gold futures slumped 4% or ₹2050 to ₹48,818 per 10 gram while silver futures tanked ₹6,100 or 8.8% to ₹63,850 per kg.

In global markets spot gold dropped nearly 4% to $1,833.83 per ounce as a jump in US Treasury yields hammered bullion’s safe-haven appeal. Democrat control of the US Senate has raised the prospects of large stimulus measures, lifting the benchmark 10-year bond yield to its highest levels since March.

Further building the case for a significant shot of stimulus, December US nonfarm payrolls data showed the economy shed jobs for the first time in eight months in December. Meanwhile, in India, the 10th tranche of sovereign gold bonds of this fiscal will open for subscription from January 11 to January 15, 2021.

The issue price for the sovereign gold bond has been fixed at ₹5,104 per gram of gold while those applying online and making payment through digital mode get a discount of ₹50 per gram.

The issue price for the Bonds (Series IX), which were open for subscription from December 28, 2020, to January 1, 2021, was ₹5,000 per gram of gold. Sovereign Gold Bond 2020-21 is issued by RBI on behalf of the Government of India.