Categories: Business

Silver to reach new record of Rs 78,000 per kg, gold also at new height

Photo: SIRFNEWS

Gold prices today jump to new highs, silver surges

Mumbai. In the domestic futures market, silver touched a record high of Rs 77,949 per kg on Friday and gold also touched a record high of Rs 56,191 per 10 grams. Due to the rise in gold and silver in the international market, expensive metals are continuously touching new heights in the Indian market. However, there is also pressure on profit booking at higher prices. The September expiry contract for silver on Multi Commodity Exchange (MCX) was trading at Rs 76300 per kg, up by Rs 248, or 0.33 per cent, from the previous session at 10.19 am on Friday, while silver traded at Rs 77,949 during the previous trade. The rupee rose to a kilo, which is a new record. However, silver slipped by Rs 75,063 per kg during early trade.

Gold futures on MCX were trading at Rs 55,853 per 10 grams, up eight rupees in the October futures contract, while gold traded up by Rs 56,191 per 10 grams during the previous trade, which is a record level so far. However, during the initial trade, the price of gold slipped by Rs 55,506 per 10 grams. Anuj Gupta, deputy vice president of Angel Broking, said gold and silver prices are at a very high level, so there is pressure on profit-booking. Also, due to the strengthening of the dollar, prices of expensive metals may break, but it will not last long.

The October futures contract for gold on the international futures market Comex was trading at $ 2056.75 an ounce, down $ 1.65, or 0.08 per cent, from the previous session, while the previous price rose to $ 2,077.85 an ounce, a new record level. Comex was trading at $ 28.46 an ounce, up 0.33 per cent from the previous session in the September contract for silver, while silver rose to $ 29.91 an ounce during trading on Comex. The price of silver on Comex jumped to a record $ 49.83 an ounce in April 2011, a record.

Ajay Kedia, director of Kedia Advisory, said that all the factors of the rise in gold and silver are present, but the pressure of profit-booking can be seen at the higher price. Apart from this, he said that due to the strengthening of the dollar and the Friday factories, there will be pressure on the price of gold and silver. The dollar index, indicative of the strength of the dollar against the world's six currencies, was up 0.34 per cent from the previous session at 93.08. The dollar index had lost 92.47 in the previous session. Let us know that the dollar index climbed to 100.43 on May 18, but since then it has fallen drastically. Kedia said that gold and silver are getting support from the purchase of ETFs and up to 90 per cent loan on gold jewelery in India is also supporting gold boom.

This post was published on August 7, 2020 2:13 pm

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