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Gold prices hit fresh record excessive, near Rs 54,800

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NEW DELHI: Gold prices scaled one other new peak on Wednesday, monitoring the pattern within the world market and amid rising worries over quick spreading Covid-19 outbreaks. Silver, in the meantime, took a breather and traded within the pink.

India has reported over 19 lakh Covid-19 instances by now with almost 40,000 deaths. Gold tends to realize when rates of interest are low and political and financial uncertainties are excessive.

Gold futures on MCX had been up 0.33 per cent or Rs 180 at Rs 54,731 per 10 grams–hovering at record highs. Silver futures dipped 0.25 per cent or Rs 53 to Rs 69,623 per kg.

Gold prices rose by Rs 97 to Rs 54,830 per 10 gram within the nationwide capital on Tuesday amid rupee depreciation, in accordance with HDFC Securities. Silver prices had been virtually flat at Rs 66,855 per kg.

Globally, safe-haven gold scaled an all-time peak, extending a record run above the $2,000 mark on a weaker greenback and bets for extra stimulus measures to revive a pandemic-ravaged financial system.

Spot gold hit a record excessive of $2,030.72 in early Asian trade round 0234 GMT, however later dipped to $2,014.41, with the slight retreat attributed to profit-taking. US gold futures rose 0.7 per cent to $2,032.30.

The fast rise in Covid-19 instances has dented hopes of a swift U.S. financial rebound, sending the five-year Treasury yield to a record low, decreasing the chance value of holding non-interest bearing gold.

The U.S. greenback, thought-about another safe-haven, fell 0.three per cent in opposition to its rivals, making gold cheaper for holders of different currencies.

Silver dropped 0.7 per cent to $25.83 per ounce, platinum fell 0.9 per cent to $929.60 and palladium slipped 1.5 per cent to $2,107.38.

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