Yellow metal prices on Wednesday rose on the MCX to trade at Rs 47,258 per 10 grams, as gold future rates were up by Rs 52 from the previous close of Rs 47,206 per 10 grams.
Silver futures also witnessed a rise of Rs 152 per kg to reach Rs 63,655 per kg. They had stood at Rs 63,503 per kg.
The gold spot price today was Rs 47,440, which went up by Rs 52 from the previous close of Rs 47,388.
Global yellow metal spot prices also witnessed a growth of $3.25 to reach $1816.7 value today.
According to experts, the rise in gold prices were directly impacted by sentiments getting dented by growing concerns globally over the possible negative economic impact of the impending Coronavirus Delta variant. This helped in improving the precious metal's appeal, thus leading to the rise in its price.
Also according to international media reports, market watchers across the globe, are also keeping a keen eye on when the US Federal Reserve will begin pairing its $120 billion a month in bond buying.
The Delta variant has already begun hurting economies around the world, especially the major ones, industry watchers say, but gold prices are expected to be driven by dollar performance and US Fed's announcements in the near term.
“COMEX gold trades marginally higher near $1790 per ounce after a 0.1 per cent decline yesterday. Gold is choppy amid mixed US economic data and mixed comments from Fed officials which have added to uncertainty about Fed's monetary policy. Support from safe haven buying amid rising virus cases, slowdown in China and geopolitical tensions relating to Afghanistan is countered by weaker investor interest amid continuing strength in equities. Gold may remain choppy amid uncertainty about Fed's monetary policy however increasing global uncertainty may keep prices supported,” said Ravindra Rao, Head of Commodity Research, Kotak Securities, while commenting on gold prices.