On June 25, 2020, gold prices were dragged lower by a tad bit after hitting record highs amid the uncertainty which again surfaced due to rising coronavirus cases. In India, the cases are close to 5 lakh mark now.
On the MCX, gold hit a high of over Rs. 48,589 per 10 gm on Wednesday, but the gains could not sustain and for the second day today gold prices in the futures market quote at Rs. 48098, down 0.07% or Rs. 36.
This marginal decline is despite the IMF making the weakest forecast for Indian economy for FY21, with a contraction to the tune of 4.5%. Also the agency sees global growth to slip by 4.9% this year.
24K Gold Hits Rs. 50000 Per 10 Gm Price On Rupee Weakness And Economic Recovery Concerns
Also, 24K gold hit prices over Rs. 50000 per 10 gm on June 24, 2020for the first time in line with international rate , where prices hit a 8-year high of $1779 per ounce.
International Gold Rates Move Higher Today
In the overseas market, gold price continued to trade higher as economic risk prevailed due to the rising coronavirus case. Spot gold was up in trade by 0.2% at 1,764.20 per ounce.
Gold seen to hit a new-high in dollar terms this year
While in the domestic markets gold has scaled to new highs, experts suggest gold price in dollar terms to also jump to new highs. In the global market the precious yellow metal has provided 16% returns.