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

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NEW DELHI: Gold prices scaled a further new peak on Sunday, tracking the trend in the worldwide market and amid increasing worries over fast growing Covid-19 outbreaks. Silver, on the other hand, took a breather and even traded in the red.

India provides reported over 19 lakh Covid-19 cases by now together with nearly 40,000 demise. Gold tends to gain whenever interest rates are low and even political and economic questions are high.

Gold coins on MCX were upwards 0.33 per cent as well as Rs 180 at Rs 54,731 per 10 grams–hovering at record levels. 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 from the national capital on Wednesday amid rupee depreciation, in accordance with HDFC Securities. Silver prices were almost flat in Rs 66,855 every kg.

Globally, safe-haven precious metal scaled an all-time top, extending a record manage above the $2,000 tag on a weaker dollar and even bets for more stimulus steps to revive a pandemic-ravaged financial system.

Spot gold hit a record high of $2,030.72 in early Oriental trade around 0234 GREENWICH MEAN TIME (GMT), but later dipped for you to $2,014.41, together with the slight retreat attributed to profit-taking. US gold futures flower 0.7 per cent for you to $2,032.30.

The rapid rise in Covid-19 instances has dented hopes of your swift U.S. monetary rebound, sending the five-year Treasury yield to a record low, reducing the opportunity expense of holding non-interest bearing precious metal.

The U.S. dollars, considered an alternative safe-haven, fell into 0.3 per cent towards its rivals, making precious metal cheaper for holders associated with other currencies.

Silver decreased 0.7 per cent for you to $25.83 per oz, platinum fell 0.dokuz per cent to $929.60 and palladium slipped 1.5 per cent to $2,107.38.

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