Gold, Silver prices in India on July 24: Gold prices in Indian commodity markets continued the upward trend in Friday's session contrary to silver that dipped on profit booking.
Gold and silver prices hit fresh record highs in recent sessions amid rising coronavirus cases and ongoing tensions between the US and China.
Tracking heightened buying sentiment from overseas commodity markets, Gold August futures on MCX were trading 40 points higher at Rs 50,739 per 10 gm today against the previous close of Rs 50,700 per 10 gm. Gold August Futures today touched an intraday high of Rs 50,870 and a low of Rs 50,725 today, after opening at Rs 50,809 per 10 gm. Gold Futures hit another lifetime high of Rs 50,936 per 10 gm in the previous session.
The continued volatility in global equity markets has also led to Gold October futures (on Multi Commodity Exchange) were trading Rs 51,129 per 10 gm today, hitting a lifetime high of Rs 51,251 per 10 gm recently.
On the contrary, Silver September futures fell by Rs 300 to trade at 60,882 per kg today, after hitting a lifetime high of Rs 62,400 earlier this week.
In the international market, where Spot gold rose to USD 1,875 per ounce, Comex gold was falling 0.85% to $1,884 per ounce. Silver futures traded flat at USD 22.76 per ounce.
The continued rise in demand for precious metals is on back of rising coronavirus cases and ongoing tensions between the US and China that kept investors drawn to risk-averse assets. Hopes of more government spending around the globe through major central banks have caused a surge in demand for precious metals in recent times.
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".