Gold price rose by Rs 10 in a day on Friday, when 10 grams of gold cost Rs 51,330 and on Saturday it could be purchased at a price of Rs 51,340.
According to Good Returns, the price of 24 carat of the yellow metal in Delhi stood at Rs 54,720, while it came for Rs 51,340 and Rs 53,860 in Mumbai and Chennai. In Kolkata and Bengaluru, gold prices were Rs 53,400 and Rs 53,330.
Gold prices in Hyderabad and Kerala were Rs 53,860 and Rs 51,940, while it was Rs 51,340 in Pune and Rs 53,740 in Ahmedabad. It was available in Jaipur and Lucknow at a price of Rs 54,720. On Saturday, gold cost Rs 52,510 in Chandigarh and Rs 53,860 in Bhubaneswar.
Since the outbreak of the novel coronavirus, gold prices have witnessed a significant increase. In the beginning of this week, it performed well in futures trade and continued to do so. However, it just went through a dip on Thursday.
Gold prices in futures trade moved up by Rs 151 on Monday, reaching Rs 51,470. Gold contracts for October delivery also saw hike of Rs 151 the Multi Commodity Exchange (MCX), standing at Rs 51,470 per 10 gram in a business turnover of 11,745 lots.
On Tuesday, the price of yellow metal moved up further by Rs 323 in futures trade, costing Rs 52,010 per 10 gram. In futures trade on Wednesday, gold price increased by Rs 153 to Rs 51,922. Then, on Thursday, the prices dropped by 404 to 51,420. The prices on Friday witnessed an increment of Rs 82, rising to Rs 51,535.
On the other hand, silver prices plunged by Rs 600 on Saturday. On Friday, the silver prices stood at Rs 68,500, while it is priced at Rs 67,900 for 1 kg for Saturday. In all the major cities, it cost Rs 67,900.
COVID-19 has hit the economy hard and investors are moving towards gold for safe investment.