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Gold and Silver Prices Shows Small Gain After Days of Slump

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Precious metal prices saw a minor gain on Tuesday after closing on high note on Monday. According to MCX, February futures of gold is being traded at Rs 49,300, up 0.68% while March silver future is up by 2.03%, trading at Rs 65,532.00.

Earlier, gold prices rose Rs 389 to Rs 48,866 per 10 gram in the national capital on Monday, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 48,477 per 10 gram.

Silver prices also jumped Rs 1,137 to Rs 64,726 per kilogram from Rs 63,589 per kilogram in the previous trade.

The rupee depreciated 24 paise to 73.48 against the US dollar in the opening trade on Monday.

In the international market, gold was trading in the green at USD 1,853 per ounce, while silver was quoting flat at USD 25.14 per ounce.

“Gold prices rebounded from the lows made on Friday despite of stronger dollar as worries over rising coronavirus cases boosted buying in yellow metal,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

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