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Gold prices scale fresh record high, top Rs 56,000 mark

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NEW DELHI: Gold prices lengthy gains on Friday to be able to scale another peak, checking the trend in the global market and on rising worries through fast spreading COVID-19 acne outbreaks. Silver also jumped to be able to record highs crossing Rs 77,000 level.

India has reported over 20 lakh coronavirus cases presently with more than 41,600 death. Gold tends to gain whenever interest rates are low and even political and economic concerns are high.

Gold futures contracts on MCX were way up 0.39 per cent or maybe Rs 220 at Rs 56,065 per 10 grams–hovering at record altitudes. Silver futures added you.53 per cent or Rs 1,163 to Rs 77,215 per kg.

Gold prices rose by Rs 225 to Rs 56,590 per 10 g in the national capital in Thursday, in line with a strong move in international price of this precious metal, according to HDFC Sec. Silver prices also experienced a strong upward trend, because it jumped Rs 1,932 to Rs 75,755 per kg.

“The fluidity push by Central Banks around the world has been a deciding factor to get premium in gold prices as the pandemic continues to ruin global economy. The easy money policy is resulting in buyers chasing higher yields in asset classes which are regarded as being safe in times of uncertainty, certainly nothing like gold, the safe home asset which has historically already been a go to investment to get investors,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking.

Unless, worldwide economy starts its healing period path, precious metals will continue to keep shine for the rest of 2020, he / she added.

Globally, gold ongoing its rally, with position prices rising 0.32 per cent and striking a new fresh record of $2,072.4951 per ounces.

Data showed U.Ersus. jobless claims fell yesterday, but a staggering 31.3 or more million people were receiving being out of work checks in mid-July, as fresh attacks battered the economy.

Gold possesses rallied more than 35 % this year as it is considered a property that should hold its worth while the pandemic and money printing by central banks go the value of others.

Markets anticipated further policy response since U.S. Democratic market leaders and White House officers continued their talks to make an effort to hash out a future wave of relief to support the economy.

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