Gold prices on Friday rose Rs 241 to Rs 50,425 per 10 gram on festival buying on account of the auspicious occasion of Dhanteras and Diwali, according to HDFC Securities.
The precious metal had closed at Rs 50,184 per 10 gram in the previous trade.
Silver also gained Rs 161 to Rs 62,542 per kg, compared with Rs 62,381 per kg on Thursday, according to HDFC Securities.
Dhanteras is an auspicious day for buying gold, silver and other valuables.
In the global market, gold was trading with gains at USD 1,880 per ounce and silver was flat at USD 24.32 per ounce.
Navneet Damani, vice-president (commodities research) at Motilal Oswal Financial Services, said “Gold prices traded steady, as fears of an economic impact due to surge in global cases of COVID-19 countered optimism from development in a potential vaccine.”
He added that there is a lot of panic in the market as coronavirus cases in many states of the US have doubled, raising the bets for safe-haven metal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
#Gold #rises #silver #gains #festival #buying #HDFC #Securities