Categories: Business

Gold touched Rs 55,000 per 10 grams for the first time, silver touched Rs 70,000 per kg

Photo: TIMESOFINDIA

Gold prices today hit Rs 55,000 for first time, silver rates cross Rs70,000 per kg

new Delhi. Silver in the domestic futures market once again rose to a psychological level of Rs 70,000 per kg after 2011 and gold has reached close to Rs 55,000 per 10 grams. The yellow metal has improved due to the weakness of the dollar and gold prices reached a new record on Wednesday after breaking the psychological level of $ 2,000 an ounce in the global market. The silver price in India had crossed Rs 76,000 per kg in April 2011 in the spot and futures markets.

Commodity experts point out that due to increased investment demand in expensive metals during the Corona period, gold is continuously touching new heights in the Indian and international market and silver is also seeing tremendous boom. In the September expiry contract for silver on Multi Commodity Exchange (MCX) at 11.41 am on Wednesday, it was trading at Rs 70,284 per kg, up by Rs 487, or 0.70 per cent, from the previous session, while silver traded at Rs 70,448 during the previous trade. Bounced up to a kilo. Earlier on 25 April 2011, the price of silver on MCX went up to Rs 76,600 per kg.

At the same time, the October futures contract for gold on MCX was trading at Rs 54,915 per 10 gram, up by Rs 364, or 0.67 percent, whereas before that, gold rose by Rs 54,950 per 10 gram, which has so far Has a record level of.

The October futures contract for gold on the international futures market Comex was trading at $ 2030.45 an ounce, up $ 21.95, or 1.09 percent, from the previous session, while the previous price rose to a record level of $ 2,036 an ounce. At the same time, the spot gold in the global market rose to $ 2031.09 an ounce, which is a record.

The September contract for Comex was trading at $ 26.25 an ounce, up 0.85 percent from the previous session in silver, while silver rose to $ 26.53 an ounce on the Comex. The price of silver on Comex rose to a record $ 49.83 an ounce in April 2011. The dollar index, indicative of the strength of the dollar against the six currencies of the world, was at 93.18 with a weakness of 0.21 percent from the previous session. The dollar index climbed to 100.43 on May 18, but since then the dollar has continued to weaken.

Anuj Gupta, deputy vice-president of Angel Broking, said that fundamentals in gold and silver, however, are strong and the momentum may continue. Ajay Kedia, director of Kedia Advisory, said investment demand in silver is tremendous, as it is an industrial metal and as industrial activity will pick up in the current era, silver demand will pick up. National bullion of India Bullion and Jewelers Association Surendra Mehta said that silver in the last session had risen to Rs 69,999 per kg in the spot and due to the continuing buoyancy in the international and domestic futures market, silver could rise further.

This post was published on August 5, 2020 2:40 pm

Content Team

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