Silver prices climb in early trade but gold prices decline; yellow metal at Rs. 54,330 per 10 grams

Gold prices in India fell on Wednesday despite a pick-up in global rates as the dollar held firm.

On the MCX, gold futures for August delivery were down 0.13% at Rs 54,330 per 10 grams. The contract had hit a high of Rs 54,500 earlier in the day.

Silver futures were up 0.63% at Rs 70,500 per kg. The contract had earlier hit a high of Rs 71,000.

In global markets, gold prices were trading near a one-week high as the dollar weakened and investors sought refuge in the safe-haven asset amid concerns about rising coronavirus cases.

Spot gold was up 0.1% at $1,858.56 per ounce, after hitting a one-week high of $1,862.76 earlier in the session. U.S. gold futures were little changed at $1,861.40.

The dollar index, which tracks the greenback against a basket of six currencies, was down 0.2% at 97.232, making gold cheaper for holders of other currencies.

Investors were also focused on U.S. Federal Reserve Chairman Jerome Powell’s semi-

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