Gold and Silver prices on Monday surged in Indian markets following the increase in global markets. On MCX, Gold Futures February Contract soared 0.75 per cent to Rs 50,678 per 10 gram while silver futures gained 3 per cent about Rs 2,000 to Rs 69,874 per kg.
In international markets, gold prices gained after the top US lawmakers agreed on a COVID-19 economic relief package of $900 billion. The House leaders informed lawmakers that they will be voting on the legislation on Monday and the Senate would also be likely to vote on Monday. Spot gold jumped 0.4 per cent to $1,888.76 per ounce and silver rose 0.9 per cent to $26.01 per ounce while platinum was high 0.1 per cent at $1,036.75 and palladium slipped 0.1 per cent to $2,358.71.
Last week, physical gold was sold at a discount in India, the first time in six weeks as recovery in the domestic prices affected demand. Reuters reported that this week dealers were offering a discount of up to $1 an ounce on domestic prices, down from the past week’s premium of $2.5 an ounce.