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Gold Price Up By A Tad; China's Retaliation Against US, Weaker Dollar Fresh Trigger
In India, gold prices continue to trade higher even as prices in global market are steady with best weekly gains in 3 months. On the MCX, gold for August delivery jumped by 0.2% to Rs. 50800 per 10gm.
Gold prices gained to a record high in Delhi of over Rs. 51000 per 10 gm on strong gains of 1% in the international market on Thursday. The softer dollar which has been ebbing lower for the fifth straight day as well as worsening US-China scenario is aiding the rally in Gold.
Experts opine strength in gold will remain unless and until dollar recovers.
"Gold prices hit a fresh high on uncertainties brought about by the COVID-19 pandemic. With huge unemployment and slowdown leading to money printing presses going on an overdrive globally, we expect volatility to stay. While consumption demand may take a while to return to normal levels, gold is definitely a good long-term investment vehicle in the current scenario," said Suvankar Sen, Executive Director, Senco Gold and Diamonds.
International Gold Rates
In the international market, gold prices Thursday rallied 1% and will again gain as China vowed to retaliate after US orders to close its consulate. Also, equities tumbled in trade in the US as labour data came in weak.
Silver rally past Rs. 62000 mark in trade on July 23, 2020
Silver too continues to rally and jumped 17.5% or Rs. 9000 in the week to July 23, 2020
On July 23, silver futures on the MCX rallied to a high of Rs. 62400 and if experts are to be believed they could hit a high of Rs. 74000 per kg in few quarters.
"Given the lower interest rates, negative falling bond yields, sustained liquidity push by many central banks and expanded fiscal balance sheets to minimise the impact of COVID-19 related slowdown, we expect gold to deliver 30 percent returns targeting Rs 65,000/10 gm over the next 18-24 months," said Navneet Damani, Vice President, Motilal Oswal.
Outlook on safe haven assets for the next one year
Citi Group Analyst Morse who predicted crude would go in the negative territory said commodities going ahead will now recover and head higher. He added that prices of safe-haven gold, which have been on a tear, may continue to head higher, predicting $2,000 per ounce on the chart by next year. Yet, he thinks silver could still outperform gold on a percentage basis.
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