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Gold prices hit record high amid US-China tensions, rising Covid cases

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NEW DELHI: Silver and gold continued their upward momentum in Tuesday’s session and rose additional, monitoring the pattern within the international market forward of Federal Reserve’s coverage meet.

Gold’s safe-haven attraction was additionally lifted on deteriorating US-China ties and dimming hopes of a fast financial restoration because the virus confirmed no indicators of slowing.

Gold futures on MCX had been up 0.06 per cent or Rs 29 at Rs 52,130 per 10 grams. Silver futures spiked 2.25 per cent or Rs 1,472 to Rs 67,000 per kg.

Gold prices within the nationwide capital continued to hit new highs, rising by Rs 905 to Rs 52,960 per 10 gram on Monday, according to the rally within the worldwide market, based on HDFC Securities. Silver was additionally in big demand because it zoomed by Rs 3,347 to Rs 65,670 per kg.

Globally, gold jumped greater than 1.5 per cent to hit a record and marched in direction of the $2000 degree on Tuesday, boosted by a weaker greenback and expectations of an extended, dovish stance from the US Federal Reserve as financial ache from the Covid-19 pandemic grows.

By 0254 GMT, spot gold was up 1.four per cent at $1,969.76 per ounce after scaling a contemporary peak of $1,980.57 in early Asian trade. U.S. gold futures climbed 1.7 per cent to $1,963.30.

Silver additionally surged, rising as a lot as 6.four per cent to $26.19 per ounce, its highest since April 2013.

SPDR Gold Belief, the world’s largest gold-backed exchange-traded fund, stated its holdings rose 0.5 per cent to 1,234.65 tonnes on Monday.

Platinum rose 0.5 per cent to $950.13 and palladium gained 0.9 per cent to $2,331.76.

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