Gold prices jump Rs 192, hit record high of 50,214 per 10 gram

New Delhi: Gold prices gained Rs 192 to hit a record new high of Rs 50,214 per 10 gram in the Mumbai bullion market on Tuesday (July 21). Silver prices also jumped Rs 1,832 to Rs 56,441 per kg from Rs 54,609 per kg in the previous trade.

The yellow metal gained after European Union leaders agreed on a stimulus package to revive the economy, while US Congress will discuss a new aid package this week.

"Gold prices traded higher on another stimulus hope from the US and European Union (EU)," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Gold tends to benefit from widespread stimulus as the metal is widely viewed as a hedge against rising prices and currency debasement. Analysts are, however, divided on the outlook for inflation.

In the international market, gold was quoting with gains at USD 1,822 per ounce, while silver traded at USD 20.36 per ounce