Gold Hits Rs. 54000/10 Gm For The First Time On Global Record High Prices

Gold prices in India on August 3, 2020 hit price over Rs. 54000 per 10 gm for the first time in futures market. Silver in line also jumped by close to 1% and last traded at Rs. 65564 per kg.

In the previous session, gold prices in the futures market were close to Rs. 54000 per 10gm and settled at Rs. 53828 per10 gm, up 1.3% or Rs. 690, while silver zoomed 3.69% or Rs. 2314 to Rs. 64984 per kg.

In the international market, after the previous high of $1950 per ounce, gold today hit a new high on concerns over corona case load spike which dents economic revival and results in softness in dollar.Spot gold was up 0.1% at $1,976.47 per ounce by 0028 GMT, after hitting a record high of $1,984.66 in early Asian trade. U.S. gold futures rose 0.5% to $1,996.30.

The reports highlight that a record slump in dollar by 10% is a point worth noting and that clearly hints at the globally strongest countries' incapability to combat the virus.

On the US stimulus front which is being deliberated the White House Chief said he was not positive on reaching the agreement soon on a deal for the next legislation round to extend relief to the US countrymen.

Currently, the corona situation in the US is seeing new sphere with more outbreaks in the rural sites, elsewhere in London there is being considered another round of lockdown to curb the effect of second wave. Also, in Australia's Victoria there has been now imposed curbs as there is a record one-surge in new cases. So the corona situation, continues to dent economic recovery hopes all across the world, and hence brighten the demand for yellow-metal.

GoodReturns.in