Gold futures cross Rs 50,000 mark for first time on MCX

New Delhi: Gold futures touched newer heights on the the Multi-Commodity Exchange (MCX) by crossing Rs 50,000 mark per 10 grams, rising more than 1 percent while silver prices climbed nearly 6 percent to trade at high of Rs 61280 per kg.

At 12.26 pm On the Multi-Commodity Exchange (MCX), August gold contracts were trading 1.04 percent at Rs 50,040 per 10 gram. September futures for silver were trading 5.98 percent at Rs 60773 per kg. 

In the international market Gold jumped more than 1% on Wednesday to its highest in nearly nine years, driven by a weaker dollar and as expectations of more stimulus to resuscitate pandemic-hit economies lifted the metal`s appeal as an inflation-hedge.

Spot gold was up 0.9% at $1,857.86 per ounce by 0232 GMT, after hitting its highest since September 2011 at $1,865.35 earlier in the session. U.S. gold futures rose 0.8% to $1,858.20.

A Reuters poll showed the metal could push towards record highs over the next 18 months as the crisis encourages investors to hoard it as a hedge against possible turmoil in wider markets.

Silver soared again, rising 5% to $22.40 per ounce, its highest since October 2013.

Palladium fell 1.2% to $2,132.73 and platinum eased 0.1% to $880.60.

With Reuters Inputs