New Delhi | Jagran Business Desk: The gold prices in India on Friday declined by 0.01 per cent or Rs 3 to Rs 48,872 per 10 grams amid muted global rates, reported Live Mint. Meanwhile, silver on Friday surged by 25 per cent to Rs 51,217 per kg.

This came a day after gold prices rose by Rs 232 to Rs 50,184 per 10 grams in Delhi, in line with gains in international price of the precious metal. Silver had also gained Rs 1,275 to Rs 52,930 per kg from Rs 51,655 per kg in the previous trade.

According to analysts, fresh positions built up by participants had mainly led to the rise in gold prices. The analysts further said that weighing on gold prices are concerns about consumer demand with prices rising to record highs.  

Meanwhile, in the international market, the gold price remained stable and were above the USD 1,800 level, according to Live Mint. The spot gold was at USD 1,801.69 which was more than 1.5 per cent for the week while the US gold futures rose by 0.2 per cent to USD 1,806.90 per ounce.

In a short note, the Kotak Securities has said that “gold may continue to trade with a positive bias amid increasing challenge from rising virus risks and US-China tensions however some caution is needed as equity markets continue to hold strong”.

“Gold fell yesterday amid some profit-taking after recent rally to 2011 highs. US weekly jobless claims rose by less than market expectations highlighting recovery in labour market. Gold fell also on uncertainty about pace of stimulus measures. US is considering additional stimulus checks for individuals but at a lesser level while European Union leaders are struggling to come to a consensus on the recovery fund,” NDTV quoted VP-head commodity research at Kotak Securities Ravindra Rao as saying.

NSE to accept gold bars produced by Indian refiners for settlement of gold futures contract 

Meanwhile, the National Stock Exchange (NSE) on Friday announced that it will accept gold bars produced by the domestic refiners for settlement of the gold futures contracts traded on its platform.

In a statement, NSE said that it aims to offer a fair chance to the Indian refiners, adhering to the BIS notified standards, to be a part of the exchange settlement framework and this initiative demonstrates NSE's vision and commitment towards inclusive growth of all market participants.

“The NSE Refiner Standards for BIS – Standard Gold would enable the acceptance of gold bars produced by the domestic refiners in India, for settlement of the gold futures contracts traded on the NSE platform,” it said, as reported by news agency PTI. 

Posted By: Aalok Sensharma