Mumbai: The price of the yellow metal has surged and reached near one-month high in the commodity market. As per market analysts, the rise in Covid-19 cases in Europe, US-China tensions, rising inflation and the slide in the US Treasury yields has turned investors to gold.
On the Multi Commodity Exchange (MCX), the gold futures edged higher by 0.38% or Rs 185 to Rs 48,278 per 10 gram. Silver futures were also up 0.3% or Rs 219 to Rs 67,442 per kilogram. On Monday, gold had edged up 0.12% and silver slipped by Rs 1000.
In the Kerala market, price of sovereign gold surged by Rs 200 per 8 gram and reached at Rs 36,200. One gram gold is priced at Rs 4525, higher by Rs 50.
In the international market, the price of spot gold surged by 0.3% to US dollar 1818.25 per ounce. COMEX gold trades 0.5% higher near US dollar 1819 per ounce.