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Gold prices today jump as covid concerns boosts demand for yellow metal

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gold futures were up 1.4% to ₹48,073 per 10 gram while silver futures jumped 0.4% to ₹63420 per kg. Despite today's surge gold is down about ₹1,200 per 10 gram from this month's high as fears of earlier-than-expected tightening of US monetary policy weighed on the precious metal.

On global markets, spot gold jumped 1% to $1,805.56 per ounce. Further aiding gold's climb, the dollar index eased 0.2% from a 16-month peak scaled earlier this week, while US benchmark 10-year Treasury yields also weakened.

A weaker dollar reduces gold's cost to buyers holding other currencies. Among other precious metals spot silver was steady at $23.57 per ounce while platinum fell 1.2% to $983.22.

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