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Gold price scales all-time high of Rs 50,264; silver above Rs 60K mark

Precious metals today: Gold price surpassed Rs 50K mark for first time yesterday and hit an all-time high of Rs 50,264/10 gm today on MCX, tracking heightened buying sentiment from global markets.

Rupa Burman Roy | July 23, 2020 | Updated 13:59 IST
Gold price scales all-time high of Rs 50,264; silver above Rs 60K mark
Gold, Silver prices in India on July 22: Silver futures, that earlier erased gains, reversed the trend and rose in the Indian commodity markets on Thursday

Gold, Silver price today: Price of gold and silver gained marginally to hit new lifetime highs in Indian commodity market on Thursday, in line with gains overseas, as equities worldwide reversed the trend and fell marginally into the red. Escalating tensions between the US and China, expectations of more stimulus measures, a weak US dollar and rise in cases of coronavirus infections across the globe have kept demand for gold high.

Gold price surpassed Rs 50K mark for first time yesterday and hit an all-time high of Rs 50,264/10 gm today on MCX, tracking heightened buying sentiment from global markets.

Gold futures on Multi Commodity Exchange were trading 172 points higher at Rs 50,250 per 10 gm for the very first time as against the previous close of Rs 50,078 per 10 gm. Gold August Futures today touched an intraday as well as an all-time high of Rs 50,264 and a low of Rs 50,125 today, after opening at 50,191 per 10 gm.

Silver futures, that earlier erased gains, reversed the trend and rose in the Indian commodity markets on Thursday. Silver futures in the domestic market gained 0.11%  to trade at Rs 61,181 per kg today, after touching an intraday high of Rs 61,140 today. Acute supply concerns, that remain high amid virus outbreak in Mexico and Latin America have also caused silver price to gain more momentum than the yellow bullion metal. Rebound in industrial demand for silver used for manufacturing of products ranging from solar panels to electronics has also led to the rise in prices in the international commodity markets.

Metal prices in the commodity markets have been scaling fresh highs as traders shunned risk and sought a safe haven during times of economic fallout from the virus.

In international market, Comex gold was rising 0.24% to $1,868 per ounce today, while spot gold fell 0.3% to $1,865.84 per ounce remained near nine-year highs.

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".

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