Gold and silver prices rose in Indian markets today after a fall in the previous session. October futures on MCX jumped 0.3 per cent to 51,071 per 10 grams, while silver futures rose 0.7 per cent to Rs 65,673 per kg. Gold had slipped by Rs 900 per 10 grams in the previous session, while silver had fallen by Rs 2,500 per kg. Gold prices in India have been volatile since reaching a high of Rs 56,200 on August 7.
Talking about global prices in global markets, after the sharp fall in gold prices in the previous session, its price remained stable today. Spot gold had fallen more than one percent in the previous session, while today it rose 0.1 percent to $ 1,929.94 an ounce. Among other precious metals, silver fell to $ 27.01 an ounce and platinum fell 0.7 percent to $ 922.07.US Fed chief Jerome Powell on Thursday outlined an approach to establishing US monetary policy, which boosted the US bond yield.
However, concerns over the economic cost of the corona virus supported gold prices. The number of Americans filing new claims for unemployment benefits increased to about 1 million last week.
The sixth series of Sovereign Gold Bonds will open in India on August 31. The issue price of the bond is determined on the basis of the average closing price of 999 purity gold. The India Bullion and Jewelers Association Limited decides this based on the price of the last three days of the week. Sovereign gold bonds are issued by the Reserve Bank of India on behalf of the Government of India.