Categories: Business

Gold price crosses 53 thousand rupees per ten gram, continues for the 9th consecutive session


Consumer demand for gold plunges, prices rally on ETF inflow

Mumbai. On Wednesday, the price of gold in the domestic futures market crossed Rs 53,000 per 10 grams to a new high. The yellow metal continued its boom for the ninth consecutive season. Gold continues to gain support in the international market due to continued weakness in the US dollar. On the Multi Commodity Exchange (MCX), the August futures contract for gold was trading at Rs 53,130 per 10 gram, up by Rs 539, or 1.02 per cent, from the previous session, while the gold price jumped by Rs 53,185 per 10 gram. Which is the record level so far.

MCX silver was trading at Rs 65,265 per kg, up Rs 261, or 0.40 per cent, from the previous session in the September contract, while silver traded at Rs 65,749 per kg on MCX.

Shantibhai Patel, president of the Gem and Jewelery Trade Council of India, said that prices are getting support due to increased investment demand for expensive metals. Market analysts point out that the weakness in the dollar is supporting the rise in gold.

According to Anuj Gupta, deputy vice president of Angel Broking, the weakness in the US dollar has led investors to turn to gold as a safe means of investment. Gold futures on the international futures market Comex was trading at $ 1954.20 an ounce, up $ 9.49, or 0.49 percent, from the previous session on Wednesday, while the price rose to $ 1959.75 an ounce.

Let us know that on Tuesday, gold on Comex rose to $ 1974.70 an ounce, which is a new record for gold futures on Comex. At the same time, the spot price of gold rose to $ 1981.22 an ounce in the global market, which is a new record. MCX silver was trading at $ 24.418 an ounce, up 0.49 percent from the previous session in the September contract.

This post was published on July 30, 2020 3:10 pm

Content Team

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