Breaking records, gold price crossed Rs 35,000 per sovereign. The price for one sovereign of gold rose by Rs 240 for a sovereign on Monday and touched Rs 35,040. One gram of gold is priced at Rs 4380.
Spot gold price in international market increased by one percent and touched 1759.98 Dollars per ounce. The price of silver increased by two percent and reached 16.96 Dollars per ounce.
Gold futures rate for June in Multi Commodity Exchange (MCX) touched Rs 47,700 for 10 grams. Silver futures rate increased by 3 percent and reached Rs 48,053 per kilogram.
The chief of the US Federal Reserve had warned that US economy can be revived only if COVID-19 vaccine is developed. This statement resulted in the increase in gold price.
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