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Gold price climbs to all-time high of Rs 53,297; silver above Rs 65K mark

Gold, Silver price today: Amid less participation of investors in broader equity indices, and more inclination towards precious commodities, many market analysts have turned bullish for the metal in the coming week

Rupa Burman Roy | July 30, 2020 | Updated 10:29 IST
Gold price climbs to all-time high of Rs 53,297; silver above Rs 65K mark
Gold, Silver prices in India on July 30: Silver September futures fell by Rs 294 to trade at Rs 65,060 per kg today

Gold, Silver Latest Price Today: Gold price in India eased on profit booking for the second session on Thursday after hitting an all-time high of Rs 53,297 per 10 gm in line with overseas markets as equities worldwide reversed the trend and turned positive. Gold fell yesterday amid rising concerns of uncertainties over the additional stimulus package in the US. Amid less participation of investors in broader equity indices, and more inclination towards precious commodities, many market analysts have turned bullish for the metal in the coming week.

Gold price rally halts after 6 sessions; silver trades near record high

Gold August futures on Multi Commodity Exchange were trading Rs 19 lower at Rs 53,020 per 10 gm against the previous close of Rs 53,039 per 10 gm. Earlier today, Gold August Futures today touched an intraday as well as an all-time high of Rs 53,297 and a low of Rs 52,980 today, after opening at yesterday's close.

On a similar note, Silver September futures fell by Rs 294 to trade at Rs 65,060 per kg today, after hitting a lifetime high of Rs 67,560 recently, in the last week.

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

Global markets

Gold price rose to record high in the international market today after FOMC left rates unchanged near zero as the rapid rise in virus cases dampened hopes for an economic recovery. Later, bullion eased on profit booking. In the international market, Comex gold was rising 0.21% to $1,957 per ounce, after hitting an all-time high of $1,965 today. Meanwhile, spot gold was down 0.3% to $1,964.70 per ounce. US gold futures rose 0.3% to $1,959.20. Gold price has risen over 28% so far this year.

Similarly, Silver futures dropped 0.9% to $24.20 per ounce.

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.

Valuations

Global commodity analysts are predicting the price of the yellow metal to breach $1,980 mark and touch $ 2000 level soon, facing resistance in the short term.

On MCX Gold's near term outlook, Kishore Narne, Associate Director & Head, Commodities & Currencies, Motilal Oswal Financial Services said," We have been bullish on gold for the last couple of years and the view has played out very well, and two quarters back in Dec'19, we have revised our targets from Rs 42,000/10gms to Rs 65,000/10 Gms in 18-24 months. We expect gold to keep up the momentum with occasional corrections, and we suggest investors to use every dip to keep buying gold over medium to long term targets of Rs 65,000".

Hareesh V, Head Commodity Research at Geojit Financial Services said,"Gold's bullish outlook will remain intact due to increased demand for safe assets amid surging pandemic cases and a weaker US dollar. Hopes of fresh policy easing measures from Central banks and escalating geopolitical uncertainties also lifted the sentiments of the yellow metal. However, immediate profit-taking cannot be ruled out due to weak physical demand and record-high prices.

On London spot's technical outlook, he added,"As long as prices stay above $1920 expect rallies towards the next psychological level of $2000 initially followed by $2280 later. However, a direct drop below $1880 could negate the outlook and take prices lower."

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