Gold prices in India rose by ₹370 to ₹50,820 per 10 gram on Thursday, tracking gains in the international spot prices of the precious metal. Silver also saw a sharp rally, with prices surging ₹750 to ₹65,450 per kilogram.
The rise in gold and silver prices was attributed to an increase in global demand, driven by a weaker US dollar and a surge in coronavirus cases across the world. The US dollar weakened after the Federal Reserve left interest rates unchanged and said it was in no hurry to raise them.
Gold futures on MCX were up 0.74 per cent or ₹372 at ₹50,842 per 10 gram. Silver futures were up 2.16 per cent or ₹1,375 at ₹65,453 per kilogram.
Analysts said bullion prices have been on an uptrend since the beginning of the year, as investors sought safe-haven assets amid the pandemic. They added that the outlook for gold and silver remains positive, as the US dollar weakens and the global macroeconomic outlook remains uncertain.