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Gold price scales record-high; silver above Rs 65K mark

Gold price scales record-high; silver above Rs 65K mark

Gold, Silver prices today: The rapid rise in coronavirus cases globally has dampened hopes for an economic recovery. Weakness in the dollar also helped the bullion inch higher

Gold, Silver prices today on August 4: Comex gold was trading 0.28% higher at $1,971.60 per ounce, after hitting all-time high of 1,984.30 an ounce in the earlier session. Gold, Silver prices today on August 4: Comex gold was trading 0.28% higher at $1,971.60 per ounce, after hitting all-time high of 1,984.30 an ounce in the earlier session.

Gold price in India climbed to yet another record high of Rs 53,865 per 10 gm today after WHO warned that there might never be a "silver bullet" for COVID-19 in the form of a perfect vaccine and that the road to normality would be long.

The rapid rise in coronavirus cases globally has dampened hopes for an economic recovery. Weakness in the dollar also helped the bullion inch higher.

Escalating tensions between the US and China, expectations of more stimulus measures on hold, a weak US dollar and rise in cases of coronavirus infections across the globe have kept demand for gold high.

Gold price trades near record-high; silver scales Rs 65K mark

MCX

Supported by upbeat safe-haven demand, Gold August futures on Multi Commodity Exchange were trading higher by Rs 67 to Rs 53,784 per 10 gm against the previous close of Rs 53,717 per 10 gm, after touching an intraday high as well as all time high of Rs 53,865.

On a similar note, Silver September futures gained Rs 142 to trade at Rs 65,670 per kg today, after hitting a lifetime high of Rs 67,672 last week.

Retail gold rate in India

24-carat gold prices in the national capital were trading at Rs 53,660 per 10 gram on Tuesday.

The price of 24-carat gold stood at Rs 56,660 per 10 gram in Chennai. In Mumbai, the rate was Rs 53,410 for 24-Carat gold, as per Good Returns website.

Global markets

Precious metal prices have been surging to fresh record highs in domestic as well as international commodity markets, amid intensifying US-China tensions and COVID-19 pandemic.

Overseas, bullion price traded near record high hit yesterday. Spot gold was steady at $1,976.36 per ounce, after hitting a record high of $1,984 in the earlier session while silver fell 0.1% to $24.22 per ounce. Comex gold was trading 0.28% higher at $1,971.60 per ounce, after hitting all-time high of 1,984.30 an ounce in the earlier session.

Gold Imports

The rise in price for the precious metal to record levels has led to a fall in India's gold imports by 24% in July. The world's second-biggest consumer of the precious metal imported around 30 tonne of gold in July, down from 39.66 tonne a year ago, Reuters reported.

Valuation

Geojit Financial Services said in a note,"Prices need to break the immediate upside obstacle of $1990 to trigger the next wave of bullish rallies in the counter. Else, likely for a mild corrective selling. However, a direct drop below $1880 could negate the near term bullish outlook and take prices lower." On MCX Gold October futures, the brokerage added that resistance is expected at 54,480, while key support is at 53,460.

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Published on: Aug 04, 2020, 12:09 PM IST
Posted by: Rupa Roy, Aug 04, 2020, 12:09 PM IST