Gold, Silver price today: Price of gold and silver Gold prices in Indian commodity markets continued the upward trend on Monday, in line with gains overseas, as equities worldwide reversed the trend and fell marginally into the red.Gold futures on Multi Commodity Exchange were trading 785 points higher at Rs 51,820 per 10 gm for the first time ever against the previous close of Rs 51,035 per 10 gm. Earlier today, Gold August Futures today touched an intraday as well as an all-time high of Rs 51,833 and a low of Rs 51,657 today, after opening at 51,749 per 10 gm.
On a similar note, Silver September futures gained Rs 3,547 to trade at 64,770 per kg today, after hitting a lifetime high of Rs 64,896 earlier in today's session. Precious metal prices jumped to record highs on Monday in the international market amid intensifying US-China tensions. A rise in demand for precious metals comes on the back of rising coronavirus cases and ongoing tensions between 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.
In the international market, Comex gold was rising 0.40% to $1,904 per ounce today, while Spot gold price rose 1.5% to $1,928.83 per ounce today, after hitting an all-time high of $1,933.30.
Similarly, Silver futures too rose in overseas markets, jumping 4.5% to its highest since September 2013 at $23.86 per ounce.
Retail gold prices in major cities
The price of 24-carat gold stood at Rs 50,920 per 10 gram in New Delhi, while in Chennai, the price of 24-carat gold price in Chennai stood at Rs 53,490. In Mumbai, the rate was Rs 50,920 for 24-Carat gold, as per Good Returns website.
Escalating tensions between the US and China, need for more stimulus measures, a weak US dollar and rise in cases of coronavirus infections across the globe have kept demand for gold high.
In India, investors' focus is back on surging domestic coronavirus cases that neared 1,436,019, with total deaths standing at 32,812. Worldwide, there are 16,421,952 confirmed cases and 652,308 deaths from the coronavirus COVID-19 outbreak.
Amid less participation of investors in broader equity indices, and more inclination towards precious commodities, many market analysts have turned bullish for the metals in the coming week.
On gold's near term outlook, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said,"Today, again we saw that gold has touched the lifetime high at Rs 51,833 levels and in the international market, it touched the lifetime high to $1944.50 per ounce levels. Silver also touched 8 years high of Rs 64,849 levels. Geopolitical tension between US & China and weakness in dollar supports the bullions. The dollar is weakening against all major currencies at 93.80 levels. US Bonds yields is also low which supports safe heaven demand for bullions. We expect this rally in bullion will continue and gold and silver will move further upside. Gold may test Rs 52500 levels and silver Rs 66,000 levels soon."
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 gm 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".