Gold prices rise to Rs 50,108 per 10 gram, given the jump for the fourth consecutive day. The metal ended the week with a rise of Rs 1,062 or 2.17% for the week.
The gold rate in the Mumbai market was Rs 45,899 plus GST for 22-carat gold, Rs 50,108 plus GST for 24-carat gold and Rs 37,581 plus GST for 18-carat gold.
The surge in the coronavirus cases endangers US economic recovery as the number of Americans filing claims for jobless benefits jumped to 885,000 from 23,000 in the weekend. The yellow metal edged higher because of weakness in the US economy as the number of coronavirus cases rose in the country.
The US dollar trades are set at 89.84 and fluctuating for .11% in the evening for a number of companies.
The SPDR Gold Trust, the World’s largest gold-backed exchange-traded fund fell by 0.2% and spot gold fell by $1.54 at $1,883.93 an ounce in London trading.
Silver prices jumped by Rs 50 to Rs 66,519/kg.
The current gold/silver ratio stands at 75.32 to 1, which translates to the amount of silver needed to buy 1 ounce of gold.