Gold rises 1% to new high of Rs 48,107 on safe-haven buying, Silver adds 2%

Increasing number of Covid cases and geopolitical tensions renew investors' interest in risk-free assets

Gold price jumped by 1 per cent to set a record on Monday as intensified geopolitical tensions, spiraling Covid-19 cases, and concerns of struggling economy increased its safe haven appeal.

Standard gold in Mumbai’s Zaveri Bazaar continued its Friday rally and opened at Rs 48,107 per 10g, but closed with a marginal decline from this level at Rs 47,937 per 10g on Monday — up 1 per cent from Friday’s closing of Rs 47,462. Silver moved 2 per cent up to trade at Rs 49,061 a kg but closed at Rs 48,825 a kg on Monday.

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