Gold prices hit Rs 55,000 per 10 gm

Gold prices hit Rs 55,000 per 10 gm in India amid a global rally in prices of the metal. Silver futures edged 0.9% higher to 70,422 per kg on MCX.

Gold scaled a new high on Wednesday as a weaker dollar and falling bond yields burnished its safe-haven appeal, while shares ticked higher as investors turned their focus to stepped-up monetary and fiscal support globally.

Spot gold jumped to a record high of $2,030.72 per ounce on Wednesday as bond yields hit new lows. Prices have soared about 33% this year.

(With inputs from agencies)