Gold rose Rs 527 to Rs 48,589 per 10 grams in the state capital on Wednesday, due to price increases in the world, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,062 per 10 grams. Silver was also in high demand, rising Rs 1,043 to Rs 71,775 per kg, from Rs 70,732 per kg in the previous trade. In the international market, gold rose to $ 1,908 an ounce and silver remained at $ 28.07 an ounce.
Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said: “The dollar index fell to its lowest level since January, while ten-year US Treasury yields fell to 1.56 percent, boosting precious metals purchases.”
Navneet Damani, vice president of financial services at Motilal Oswal (Commodities Research), said, “Gold prices continue to trade higher as they broke the physiological level of $ 1,900 that came with US Treasury yields falling and rising by the 4th 1/2 month high was weaker dollar. “