Mumbai, November 13: Gold price inched higher on Friday.  On MCX, gold futures edged 0.07 percent higher to Rs 50,635 per 10 gram while silver rates dropped 0.2 percent to Rs 62,615 per kg on Friday. Gold prices marginally rose amid fears over the economic fallout from mounting cases of Covid-19 overshadowed hopes of a vaccine.

On the occasion of Dhanteras and Diwali, analysts expect a rise in sales. Spot gold rose 0.1 percent to $1,877.14 per ounce by 0325 GMT. For the week so far, it is down 3.8 percent. US gold futures gained 0.2 percent to $1,876.50. Dhanteras 2020: Invest in Digital Gold With Paytm, GooglePay & Broker Firms; Know How You Can Invest in Paper Gold.

According to Good Returns.com, the price of a 10-gram 24-carat gold in Mumbai is Rs 50,770. People in Kolkata, on the other hand, will have to spend Rs 53,540 to buy a 10-gram 24-carat gold. In Chennai, customers need to dish out Rs 51,940 to buy a 10-gram 24-carat gold on Friday.

Dhanteras is being celebrated across the country on November 13. It is considered as an auspicious occasion to buy gold. Jewellers offer incentives to lure customers to buy gold and silver coins and other ornaments. This year demand for gold is lower in comparison to past years due to the high price of the metal and economic crisis situation caused by the coronavirus pandemic.

(The above story first appeared on LatestLY on Nov 13, 2020 12:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).