After remaining low for the past few days, gold prices on Wednesday witnessed a spurt, as on the MCX, gold August futures were trading at Rs 49,155 per 10 gram. Silver July futures also were up at Rs 71,366 per kg.
The jump in gold prices, though marginal, was mainly due to a fall in US bond yields which were helped by yellow metal prices. Also with the US inflation data to be announced this week, investors across the globe have been quite conservative as far as making long term bets are concerned.
Meanwhile at the international level, spot gold was trading higher at $1,893.78 per ounce. US gold futures also saw a minor jump to $1,896.60 per ounce.
On Tuesday, both gold and silver had shown price volatility as in the morning, both the metals had shown growth but later in the evening they witnessed a slide.