Categories: Business

Broken past records, gold price reached new high in global market

Photo: FXEMPIRE

Gold price hit fresh record high of Rs 51,833 per 10 gram

new Delhi. In the midst of the Corona crisis, gold prices have broken all previous records. In the global market, the price of gold reached a new high on Monday. Gold is getting support due to the fall in the dollar. On Monday, gold prices touched an all-time high of $ 1938 an ounce. Never in the history of gold did its price soar in the foreign market. About 9 years ago, in September 2011, the price in the Vidashi Bazaar set a record of $ 1920 per ounce, which broke today.

Gold is also at a new record high in the domestic market. Gold prices on MCX touched an upper level of Rs 51,833 per 10 grams, which is a new record in the domestic market. Commodity market analysts point out that concerns about the growth rate of the global economy due to the corona have led investors to a safer investment mode, so the price of expensive metal has risen.

On the international futures market Comex, gold was trading at $ 1930.35 an ounce, an increase of $ 32.85, or 1.73 percent, from the previous session on Monday in August futures contract, while earlier gold rose to $ 1937.60 an ounce. Gold has a new record. Earlier on September 6, 2011, gold prices on Comex rose to $ 1911.60 an ounce.

There is a steady decline in the US currency dollar and because of this, gold prices are rising. The dollar index has come down to 93.85, a nearly 2-year low. The worsening economic situation caused by Corona around the world has also increased the investment demand for gold, which is supporting its price.

At the same time, the spot price of gold rose to $ 1944.57 an ounce in the global market, which is a new record as before the spot price of gold in the international market was at a record level of $ 1,921.17 per ounce. Thus, gold has broken all records so far in the Corona era.

The September contract for silver on Comex was trading at $ 24.267 an ounce, up $ 1.417, or 6.20 percent, from the previous session, while the previous gold rose by $ 24.510 an ounce during trading on Comex. Anuj Gupta, deputy vice-president of Angel Broking, said that gold has been supported by the weakness in the dollar. The dollar index, indicative of the strength of the dollar against six major currencies of the world, was 100.43 on May 18, which has slipped to 93.85. The dollar index has remained weak for the past seven sessions.

Ajay Kedia, director of Kedia Advisory, said that due to the deepening outbreak of Corona, there is a concern about the growth rate of the global economy and there is an atmosphere of volatility in the stock market, which is why investors are trending towards safe means of investment. That there is a continuous upward trend in the price of expensive metals. He said that there is an atmosphere of concern in the market due to the huge increase in cases of coronavirus infection.

This post was published on July 27, 2020 12:13 pm

Content Team

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