Gold and silver prices fell in Indian markets today tracking weak global cues. On MCX, gold futures slipped Rs 524 or 1.01% to Rs 51,250 and silver futures declined by Rs 1280 or Rs 1.86% to Rs 67,711.
MCX gold futures currently trade almost Rs 5,000 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7. On MCX, the yellow metal has risen 41.5% to life-time high since the beginning of the year amid concerns over rising coronavirus cases around the globe.
Gold that was trading at Rs 39,000 on December 31, 2019, recently hit a lifetime high of Rs 56,191 per 10 gm on August 7, 2020.
Silver Futures hit a lifetime high of Rs 77,949 on August 7. On Thursday, gold rose 0.7% and silver gained 0.52%.
24-carat gold prices in the national capital traded at Rs 54,830 per 10 gram. Price of 24-carat gold stood at Rs 53,730 per 10 gram in Chennai. In Mumbai, the rate for 24-Carat gold stood at Rs 50,500 as per Good Returns website.
Silver rate in Chennai, Delhi and Mumbai stood at Rs 68000 per kg as per Good Returns website.
In international market, spot gold price fell marginally to $1942 per ounce after European Central Bank (ECB) kept interest rates unchanged. Similarly, silver spot price declined to $26.76 per ounce. The ECB said its existing stimulus measures were sufficient and likely to be used in full.
Globally, rising coronavirus cases have led gold and silver to new highs. In India, coronavirus cases tally crossed 45 lakh mark with a rise of 96,551 new cases and 1,209 deaths reported in the last 24 hours, according to the Health Ministry data. 70,880 patients were cured in last 24 hours.
The total case tally in India now stands at 45,62,415 including 9,43,480 active cases, 35,42,664 cured/discharged/migrated and 76,271 deaths, Ministry of Health website shows. Worldwide, there were 282 million confirmed cases and 9.09 lakh deaths from COVID-19 outbreak.