Categories: Business

Gold prices today surge to near Rs 50000 per 10 gram 50 thousand rupees, gold to be weighed; silver at 7-year height; more to come

Photo: MCX

Gold prices today surge to near Rs 50000 per 10 gram

new Delhi. Due to poor economic conditions and weak dollar worldwide, the prices of gold and silver are seeing a sharp rise. The price of gold in the domestic market reached beyond 50 thousand rupees on Wednesday. The level of Rs 50,008 per 10 grams has been touched on MCX. On Wednesday morning, gold prices touched a level of Rs 49,996 per 10 grams on the commodity exchange MCX for the near futures trade. This is the highest price ever.

On the other hand, silver prices have touched a high of Rs 60,782 per kg on MCX, which is the highest price in 7 years. 7 years ago, silver prices touched a high of 73 thousand rupees per kg in the domestic market. Today, MCX is seeing a rise in gold prices by more than Rs 400 per 10 grams and silver by over Rs 3000 per kg.

Anuj Gupta, AVP of Angel Commodity said that due to corona virus worldwide, the situation of the economy has deteriorated and people are increasing investment in gold and silver as a safe investment, due to which the rise in gold and silver prices has come. Anuj Gupta also said that there has been a continuous weakness in the US currency dollar due to which the prices of commodities have gone up.

Apart from this, the prices of gold and silver are also seen in the global market, due to which the prices of both have increased in the domestic market. In the global market, gold is at a 9-year high of $ 1858 an ounce, while silver has reached a 7-year high of $ 22.50 an ounce.

According to Anuj Gupta, in the coming days, the prices of gold and silver may continue to rise and in the next one month the price of silver can reach Rs 62 thousand per kg and the price of gold can reach Rs 52 thousand per 10 grams.

Ajay Kedia, director of Kedia Advisory, said that silver prices are witnessing higher due to the mining work being affected due to coronavirus infection and disrupting supply. However, with the increasing trend of investors towards safe means of investment in the Corona period, prices of expensive metals are constantly getting support. Commodity analysts point out that gold and silver have become people's first choice as hard assets.

The ratio of gold and silver prices has reached the pre-Kovid-19 epidemic and is currently at 83, which indicates that more investors are turning to silver than gold.

This post was published on July 22, 2020 11:55 am

Content Team

Recent Posts

fuel demand dips 11.7 percent in July

Photo: PTI Fuel demand dips new Delhi. After improving fuel demand in the country, once again it has softened. According…

Stock market ends in red on weak cues

Photo: GOOGLE stock market today new Delhi. The BSE Sensex ended the gains on Wednesday from the last four trading…

gold price down rs 1228 per 10 gram, silver fall Rs 5172 per kg

Photo: FILE gold and silver price today new Delhi. Gold and silver prices have seen a sharp drop today after…