Gold inches closer to 47,000 again, Silver hits monthly high

Source :Sify
Author :Finance Desk
Last Updated: Sat, May 30th, 2020, 15:23:04hrs
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Mumbai/New-Delhi/Chennai: Prices of the yellow metal on Saturday have inched closer to Rs 47,000 per ten grams in several markets.  

On Saturday, a day when India reported nearly 8,000 fresh Coronavirus cases Gold rates took a sudden jump to report closer to a new high. Rates for ten grams of 24 Karat Gold were reported in a range of Rs 46,612 to Rs 46,900 across the country. Rates across the country soared by a margin of Rs 25-35 per gram across both variants.  

In Mumbai, traders quoted 24K rates at Rs 46,958 per 10 grams, while in Delhi rates for 24K stood at Rs 46,880. In Chennai, 22K rates were quoting Rs 45,080 per 10 grams.  

On MCX, the rates for ten grams of Gold for futures contract ending on June 5 raced to an intra-day high of Rs 46,530 or 125 points upwards.  

A similar trend was spotted on Silver which was quoting rates in range of Rs 50,850 to Rs 53,000 per kilo. This is the highest price for Silver rates in the country in the last one month according to data tracked by Sify.com.

Gold rates, meanwhile, had rallied to a high on May 18, breaking the barrier of Rs 47,300. Rates across major Indian metros and cities had soared on that day. On this day, MCX Gold rates for June futures contracts raced off to Rs 47,980.  

On Saturday, benchmark rates by most jewellers' associations and jewellers quoted rates on a higher side in comparison with the previous day.  

For detailed rates and trends, follow Sify Gold rates.  

Also Read: In-Depth Coronavirus Coverage

Disclaimer: Lead image attributed to "Alizee Marchand from Pexels".