Gold price and silver prices today edged higher in Indian markets but gains were muted due to flat global rates. On MCX, gold futures were up 0.2% to ₹47,374 per 10 gram while silver rates rose 0.37% to ₹63,462 per kg.
Last week, gold had hit a four-month low of ₹45,600 before seeing some recovery. Gold had risen to a record high of ₹56,200 levels last year. In global markets, gold rates were steady today at $1,787.90 per ounce while silver rose 0.3% to $23.89 per ounce.
Among other precious metals, platinum inched up 0.1% to $1,023.52. “Gold is required to break $1,815 to continue further upticks in the counter. For silver, consistent trades above $23.90 is required to lift prices higher,” says domestic brokerage Geojit in a note.
In the previous session, gold had ended flat while silver had dipped 0.5%. Despite worries about global economic growth amid the surge in Delta variant of covid cases, gold struggled as the dollar strengthened.
After hitting a nine-month high against the euro in the previous session, the dollar held on to recent highs against other major currencies.