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On the outlook on gold prices, experts say the prices may test Rs 50,000 again this year
Gold prices in India surged on April 6 following a positive trend in the international spot prices amid a weak dollar. Silver prices also gained over 1% on April 6.
International gold prices rose to their highest level in more than a week as a weaker dollar and pullback in US bond yields lifted demand for the safe-haven metal
The gold price remained on the lower side for most of March but the price of the precious yellow metal has now slowly started to rise in April.
On MCX, June gold contracts were trading higher by 0.55% at Rs 45,600 while May silver futures were trading 1.42% higher at Rs 65,480 a kilogram in afternoon trade.
Check the prices in key cities
| City | 22-k gold (per 10 gm) | 24-k gold (per 10 gm) |
|---|---|---|
| Kerala | Rs 42,260 | Rs 46,100 |
| Bhubaneswar | Rs 42,260 | Rs 46,100 |
| Patna | Rs 44,200 | Rs 45,200 |
| Pune | Rs 44,200 | Rs 45,200 |
| Ahmedabad | Rs 44,400 | Rs 46,300 |
| Bengaluru | Rs. 42,260 | Rs. 46,100 |
|
Hyderabad |
Rs. 42,260 |
Rs. 46,100 |
Experts say a rise in inflation and weakness in the dollar index can further support prices of the precious metals going forward. Apart from this, the domestic factors may push prices higher.
Anuj Gupta, VP, Commodity and Currency Research at IIFL Securities said, “We expect the positive trend will continue to be seen in gold prices and increasing coronavirus cases and lockdown-like restrictions in several parts of the city to be supportive for gold prices.”