Gold breaches Rs 50K, silver surges to Rs 60K; analysts see further upside

The price of gold gained momentum on the back of European leaders agreeing on a stimulus package to revive their Covid-hit economy and the US Congress struggling to agree on a new aid package

Gold and silver on Wednesday crossed Rs 50,000 and Rs 60,000 levels, respectively, in both physical and futures markets before clawing down a bit. 

At the popular Zaveri Bazar in the city, the yellow metal opened over Rs 50,000 per 10 gram, while silver over Rs 60,000 a kg.  While standard gold closed at Rs 49,980 per 10 gram, down 1.5 per cent, 999 purity gold ended its trade at Rs 50,181. Silver closed at Rs 59,170 a kg, up 7.9 per cent.

On the MCX, too, August futures of gold rose as high as  Rs 50,085, but cooling down