NEW DELHI: Gold and silver rates were up in the initial trading session on Wednesday, tracking the trend in the international market.
Gold futures were up 0.82 per cent or Rs 408 at Rs 49,935 per 10 grams. And, silver futures zoomed 5.37 per cent or Rs 3,078 to Rs 60,420 per kg.
Gold prices had increased by Rs 192 to Rs 50,214 per 10 gram in the national capital on Tuesday following a rally in international prices, according to HDFC Securities. Silver prices had also jumped Rs 1,832 to Rs 56,441 per kg.
Globally, gold jumped more than 1 per cent to its highest in nearly nine years, driven by a weaker dollar and as expectations of more stimulus to resuscitate pandemic-hit economies lifted the metal’s appeal as an inflation hedge.
Spot gold was up 0.9 per cent at $1,857.86 per ounce, after hitting its highest since September 2011 at $1,865.35 earlier in the session. US gold futures rose 0.8 per cent to $1,858.20.
A Reuters poll showed gold could push towards record highs over the next 18 months as the crisis encourages investors to hoard it as a hedge against possible turmoil in wider markets.
Meanwhile, domestic equity indices (BSE sensex and NSE Nifty) inched lower on Wednesday after rising for five straight sessions.
(With agency inputs)