Gold prices in India hit a fresh record high for the second day in a row on Monday, tracking global rates in the international market. As US-China trade tensions escalated and the impact of coronavirus pandemic on the economy continued to worry investors, gold prices surged. Gold prices in India have risen 24.45 per cent to Rs 47,929 per 10 grams from its March low of Rs 38,500.
On MCX, the gold June futures were trading at Rs 47,860 per 10 grams, up Rs 479 or 1.01 per cent, While silver July futures were ruling Rs 1,580 or 3.38 per cent higher at Rs 48,298 per Kg. Silver prices have gained around 44 per cent from its March low of Rs 33,580 per kg. “In international market gold was trading above its 7-year high level of $1760.
Globally, spot gold was up 0.9 per cent at $1,756.79 per ounce. US gold futures gained 0.5 per cent to $1,765.70. SPDR Gold Trust holdings, the world’s largest gold-backed exchange-traded fund, rose 0.8 per cent to 1,113.78 tonnes on Friday. Palladium slipped 0.5 per cent to $1,892.25 per ounce. Among other precious metals, Platinum gained 0.7 per cent to $803.19, while silver rose 2 per cent to $16.96.
Some investors and traders expect gold to touch Rs 50,000 per 10 grams this year.
Meanwhile Jewellery stores which opened yesterday in north India have decided to keep the buying rate for 22-carat non-hallmarked jewellery a shade above Rs 36,000 per 10 gram, subject to further deductions in case of extra impurities. This is despite the fact that the price of standard gold in the city jumped 1.7 per cent to close at Rs 47,669 per 10 gram.
Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee, which plummeted 33 paise to close at 75.91 against the dollar on Monday. North Indian jewellers have fixed the buying rate for old hallmarked jewellery at Rs 40,420 per 10 gram and un-hallmarked jewellery at Rs 36,380 per 10 grams. In the past, most consumers were buying jewellery without any hallmark.