Global Markets

Gold's gains were also helped by the dollar, whose recent uptick was stalled by a deadlock in Washington over a stimulus package.

Gold Rate Today: At 10:12 am, the MCX gold futures contract quoted at Rs 50,293, down Rs 1,636 - or 3.15 per cent - from its previous close.

Gold Price In India: Domestic gold and silver futures fluctuated between gains and losses in a wide range on Wednesday, as data showing the UK's economy shrank by a record 20.4 per cent in the April-June period fuelled the coronavirus pandemic-led slowdown fears. Multi Commodity Exchange (MCX) gold futures - due for an October 5 delivery - registered wild swings in a more than Rs 2,500 range during the session, between Rs 49,955 and Rs 52,460, as against their previous close of Rs 51,929. MCX silver futures - due for a September 4 delivery - followed suit in a Rs 7,570 range, quoting at Rs 60,910 and Rs 68,480 at the day's weakest and strongest levels, as against their previous close of Rs 66,934, having also hitthe first lower circuit at 6 per cent (Rs 62,918) during the session.

Gold suffered its biggest one-day drop in more than seven years on Tuesday as equities surged and the dollar firmed.

Gold Rate Today: At 1:04 pm, the MCX gold futures contract quoted at Rs 53,960, up Rs 986 - or 1.79 per cent - from its previous close.

Analysts said gold's overall appeal was intact, with prices up more than 33 per cent so far this year.

Surging COVID-19 cases in the United States have dampened hopes for a nascent economic recovery and weighed on rival safe-haven dollar. The greenback was headed for its seventh consecutive weekly decline.

Facebook Share Price: The stock rose 7.02 per cent at the strongest level of the day to touch the $266.60 mark, compared to its previous close of $249.12.

Fears about the economic fallout from rising COVID-19 cases boosted demand for gold.

The MCX silver futures, which are due for a delivery on September 4, finished the session with a gain of Rs 4,517 - or 7.38 per cent - at Rs 65,740. Last Friday, the MCX silver futures had risen to settle at Rs 61,223.

The rise in the price of gold dampened retail demand for the yellow metal in the country, which is the world's second largest consumer of the precious metal.

Gold, Silver Rates Today: Gold and silver futures surpassed their existing all-time highs of Rs 49,555 and Rs 57,036 respectively.

Individual investors around the world have gravitated toward the stock market during pandemic lockdowns, driving a surge in new trading accounts.

Gold Price Today: Gold jewellery prices vary in different parts of India due to factors such as excise duty, state taxes and making charges.

The dollar index rose 0.2 per cent against its rivals, making gold more expensive for holders of other currencies.