Gold and silver prices today edged higher in Indian markets, tracking positive global cues. On MCX, gold rose 0.24per cent to near four-month high of Rs 48,519 while silver rates jumped 0.5 per cent to Rs 71,440 per kg. In the previous session gold had declined 0.22 per cent while silver had slumped 1.7 per cent. In international markets, gold inched higher to near 4-month high as a slide in cryptocurrencies further lifted the safe-haven metal’s appeal.

The precious metal was also supported by a weaker US dollar and expectations of growing inflationary pressure. Spot gold was up 0.2 per cent at $1,883.21 per ounce. Among other precious metals, silver gained 0.4 per cent to $27.64 while platinum climbed 0.6 per cent to $1,173.03.

Inflows into gold-backed exchange-traded fund or gold ETF also supported the precious metal. The holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, rose 0.6 per cent to 1042.92 tonnes on Friday.Amid China’s efforts to efforts to crack down on bitcoin mining and trading, the cryptocurrency fell sharply over the weekend. It is now down nearly 50 per cent from the year’s high.

Back in India, the second tranche of sovereign gold bonds for this fiscal opened for subscription today. The Reserve Bank of India has fixed issue price at Rs 4,842 per gram. The government has decided to issue the bonds in six tranches from May 2021 to September 2021.