Gold futures in India rose to Rs 49,100 per 10 grams on Thursday, which was Rs.49,027 on Monday. It was inching towards a lifetime high of Rs.49,348 earlier this month. Gold traded at $1,815 per ounce in the overseas market.
The surge in demand at the international market was due to the steady increase in government spending through major central banks and worsening US-China relations. Gold was expected to remain strong as investors hedge against Corona, according to the World Gold Council.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 49,318 per 10 grams, and silver at Rs 51,232 per kilogram.
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