On MCX, August gold futures fell 1.02 per cent to Rs 48,267 per 10 gram. Silver July futures also collapsed by 1.17 per cent to Rs 48,770 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.
On Wednesday, Gold in the national capital zoomed Rs 647 to Rs 49,908 per 10 grams on Wednesday in line with gains in the international prices of the precious metal, according to HDFC Securities.
"Spot gold prices for 24 karat gold in Delhi recorded hefty gains by Rs 647 reflecting gains in international gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold was trading with gains at $1,788 per ounce and silver at $18.34 per ounce.
Gold has proved to be a safe bet against a slowing global economy due to the increasing number of coronavirus (Covid-19) cases and geopolitical tensions with China. Gold has proved to be the only asset class in these uncertain times to offer 23 per cent returns in the first half of calendar 2020 and a staggering 41.6 per cent in the last one year. Since its level of Rs 27,840 per 10g in January 2017, gold investors have become richer by 72.6 per cent.
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