Gold Market]

Gold demand in India plunged 70 per cent during the April-June quarter to 63.7 tonnes compared with the same period last year mainly due to the nationwide lockdown to prevent the spread of COVID-19 and high prices, according to a World Gold Council (WGC) report.

Tracking firm trends in the domestic market, silver prices also jumped to Rs 50,125 per kg from the previous close of Rs 48,055 per kg on Tuesday.

"This bullishness is set in due to a weak 2016, the changes in the risk regulation, which made people to stay away from gold or reduce their investment. People this year came back to the system with a vengeance," Agarwal pointed out