Gold prices crossed Rs 50,000 per 10 gram for the first time since November 23 in the Mumbai retail market on weakness in the US dollar. The precious metal traded higher on the prospects for more stimulus measures after the US Federal Reserve kept the rate near zero until the economic recovery is complete.
The rate of 10 gram 22-carat gold in Mumbai was Rs 45,806 plus 3 percent GST, while 24-carat 10 gram was Rs 50,007 plus GST. The 18-carat gold quoted at Rs 37,505 plus GST in the retail market.
The US dollar traded weaker at 89.80, or down 0.61 percent in the evening session against a basket of currencies.
Panthera Resources Plc (LON:PAT) was incorporated in the UK and Wales in 2017. The company is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects.