Gold prices hit record high of Rs 50,920 per 10 gram

New Delhi: Gold prices in the national capital hit a new record high rising Rs 430 to Rs 50,920 per 10 gram on Wednesday, reflecting gains in the international prices of the precious metal, according to HDFC Securities. In the previous trade, gold had closed at Rs 50,490 per 10 gram. Silver was also in huge demand as its prices zoomed Rs 2,550 to Rs 60,400 per kg, from Rs 57,850 per kg on Tuesday.

"Spot gold prices for 24 karat in Delhi hit a new record high rallying by Rs 430, reflecting gains in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. In the international market, gold was trading higher at $1,855 per ounce and silver at $21.80 per ounce.

Gold witnessed sharp buying with spot international prices rallying above $1,850 per ounce on Wednesday, he added. "Surge in coronavirus cases in the US has boosted safe-haven demand for the precious metals," Patel said.

Meanwhile, silver prices rose by Rs 3,383 to Rs 60,725 per kg in futures trade on Wednesday as participants widened their bets on firm spot demand and global cues. On the Multi Commodity Exchange, silver contracts for September gained Rs 3,383, or 5.9 per cent, to Rs 60,725 per kg in 15,445 lots.