Gold prices in India on a record high of 50,010; Silver crosses 60,000 per kg mark.
Gold futures rose one percent to an all-time high of 50,010 per 10-gram, Silver increased by 5.37 percent to breach the 60,000-mark.
On Wednesday, gold prices in India broke all previous records and registered an all-time high, tracking the upward trend in the international market.
Gold rose by one percent and Silver increased by 5.37 in a record high:
Gold futures increased 1 percent to an all-time high of INR 50,010 per 10-gram. The record-high numbers meant that for the first time, gold prices crossed the 50,000-mark (intra-day) in the futures market. Later the prices dropped, and gold futures were trading at 0.82 percent or INR 408 rise, at INR 49,935 per 10-gram. Meanwhile, Silver futures too skyrocketed with registering a 5.37 percent rise, i.e. an increase of INR 3078, to breach the 60,000-mark, at INR 60,420 per kg. On Tuesday, gold prices had increased by INR 192 to INR 50,214 per 10-gram in New Delhi. As per HDFC Securities, the rise was due to a rally in international prices. Prices of Silver had also jumped to 56,441 rupees after an increase of INR 1832.
Gold prices on a record-high globally:
Gold prices increased by more than 1 percent to its highest in nearly nine years, globally, due to an inflation hedge. Expectations of more stimulus to resuscitate pandemic-hit economies and the weakening of the US dollar lifted the metal’s appeal. Spot gold increased by 0.9 percent at $1857.86 per ounce and the US gold futures rose to $1858.20, after a jump of 0.8 percent.
Gold prices are expected to witness record highs over the next 18 months as per a Reuters poll. This has been considered as an effect due to the coronavirus crisis, which has encouraged investors to hoard it as a hedge against a possible turmoil in wider markets.
