Gold price rises by 1%, silver rate surges 3%
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In international markets, gold prices jumped 1% on Monday as the metal's appeal as an inflation hedge was boosted by news that U.S. President Donald Trump had signed a long-awaited coronavirus relief aid bill.

Gold and silver prices surged today in Indian markets tracking firm international prices. On MCX, February gold futures rose by 0.97% to ?50,561 per 10 grams and silver prices went up by 3.14% to ?69,578. Though gold has recovered from lows of below ?48,000, it remains significantly lower than the August highs of ?56,200. Similarly, silver had also almost touched ?80,000 per kg in the same month. Gold closed at ?50,073 on Thursday and silver closed at ?67,509 on Wednesday on MCX.

In international markets, gold prices jumped 1% on Monday as the metal's appeal as an inflation hedge was boosted by news that US President Donald Trump had signed a long-awaited coronavirus relief aid bill. Spot gold rose 1% to $1,895.03 per ounce by 0145 GMT. U.S. gold futures gained 0.8% to $1,899.10.

Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a partial federal government shutdown, officials said.

Gold has gained more than 24% this year, largely driven by its appeal as a hedge against inflation and currency debasement in the wake of unprecedented stimulus measures unveiled globally to mitigate the impact of the pandemic.

Silver rose 3% to $26.63 an ounce.

Analysts believe gold is set to score the best gains in a decade this year as the pandemic and a gloomy outlook for the world economy sparked a rush towards the yellow metal, considered a safe haven in turbulent times.

Volatility in other asset classes and a risk-off sentiment also attracted investors to gold.

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