New Delhi: Gold and silver prices surged today in Indian markets tracking firm international prices. On MCX, February gold futures jumped 0.75% to ₹50,678 per 10 gram while silver futures surged 3% or ₹2,000 to ₹69,874 per kg.
In the previous session, gold futures had edged 0.17% after three days of upmove lower while had fallen 0.6%. In global markets, gold rates jumped after top US lawmakers agreed on a $900 billion COVID-19 economic relief package after months of battling and posturing.
House leaders informed lawmakers that they would vote on the legislation on Monday, and the Senate was likely to vote on Monday, too. Spot gold rose 0.4% to $1,888.76 per ounce. Silver rose 0.9% to $26.01 per ounce.
Platinum was up 0.1% at $1,036.75 and palladium fell 0.1% to $2,358.71. Physical gold in India was sold at a discount last week for the first time in six weeks as a rebound in domestic prices squeezed demand.
Gold prices in India include import tax and 3% GST. Latest data show that gold imports into India fell 40% to $12.3 billion during April-November due to fall in demand in the wake of the COVID-19 pandemic.
The imports, however, recorded a year-on-year growth of 2.6% in November to $3 billion. Silver imports during April-November 2020 too dipped 65.7% to about $752 million. The decline in gold and silver imports has helped in narrowing the country’s trade deficit.
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