Gold rises ₹ 241, silver gains ₹ 161 on festival buying

Gold prices on Friday rose ₹ 241 to ₹ 50,425 per 10 gram on festival buying on account of the auspicious occasion of Dhanteras and Diwali, according to HDFC Securities.

The precious metal had closed at ₹ 50,184 per 10 gram in the previous trade.

Silver also gained ₹ 161 to ₹ 62,542 per kg, compared with ₹ 62,381 per kg on Thursday, according to HDFC Securities.

Dhanteras is an auspicious day for buying gold, silver and other valuables.

In the global market, gold was trading with gains at USD 1,880 per ounce and silver was flat at USD 24.32 per ounce.

Navneet Damani, vice-president (commodities research) at Motilal Oswal Financial Services, said, “Gold prices are stable, as fears of an economic impact due to surge in global cases of COVID-19 countered optimism from development in a potential vaccine.”

He added that there is a lot of panic in the market as coronavirus cases in many states of the US have doubled, raising the bets for safe-haven metal.

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