Gold Prices have hit Rs 50,000 for the first time while silver rates cross Rs 60,000 per kg.
Prices in India hit a fresh record high on Wednesday. On Multi Commodity Exchange (MCX), August gold futures rose 1% to a new high of Rs 50,010 per 10 gram. This is the first time gold prices in India have touched Rs 50,000 in the futures market. September silver futures on MCX jumped 6.6% to Rs 61,130 per kg.
Around 10:30 am, August futures on MCX were trading at Rs 49,950 per 10 gram, up 0.85% or Rs 423. Silver also rallied 5.42% or Rs 3108. September futures of Silver were trading at Rs 60,450. The rising number of Covid-19 cases have pushed the prices of gold and silver up to all-time high, as investors look for safe-haven assets.
In global markets, Spot gold prices rose 1.3% to $1,865.81 an ounce, the highest in almost nine years. A softer US dollar along with surging corona virus cases across the world and expectation of more stimulus measures lifted prices of precious metals, including gold and silver. Spot silver prices soared as much as 7.2% to $22.8366 an ounce, the highest since 2013
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