Gold Prices Hit New High As Global Rates Near All Time High Price; Silver Hits Rs. 64594/Kg

Gold prices in India once again trended higher on surge in international rates. On the MCX, gold for August delivery was up 1.54% or Rs. 785 at Rs. 51820 per 10gm. Silver too jumps another 5.5% or Rs. 3371 to hit level of Rs. 64594 per kg.

International gold rates

In the international markets, gold nudged higher yet again after breaching the crucial level of $1900 per ounce on safe haven demand. And with just $3 shy of all time high, the yellow metal is eyeing new highs.

Spot gold was up 0.8% at $1,916.91 per ounce by 0030 GMT, was just $3.39 shy of record high hit in September 2011 at $1,920.30. U.S. gold futures rose 0.8% to $1,913.50.

On China's call made to the US of shutting its China-based consulate, Mike Pompeo, the US secretary of State said Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

Also, as per the US officials remark on Sunday, the US reached "an agreement in principle" on the next coronavirus relief bill.

Moreover dollar index's weakness to now a 2-year low is also imparting strength to the metal.

Sunilkumar Katke, Head of Commodities and Currency at Axis Securities, sees the yellow metal trading firm in the short term at $1,950 an ounce on lower interest rates and devaluation in other asset classes due to the stimulus measures announced by many countries across the world.

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