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

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NEW DELHI: Gold prices extended gains on Fri to scale another maximum, tracking the trend in the world-wide market and on rising anxieties over fast spreading COVID-19 outbreaks. Silver also leaped amazingly to record highs bridging Rs 77,000 amount.

India has reported more than 20 lakh COVID-19 conditions by now with more than 41,600 deaths. Gold tends to achieve when interest rates are lower and political and monetary uncertainties are high.

Gold futures on MCX had been up 0.39 percent or Rs 220 on Rs 56,065 for every 10 grams–hovering at record highs. Silver futures added 1.53 per cent or Rs 1,163 to Rs 77,215 per kilogram.

Gold prices rose by simply Rs 225 to Rs 56,590 per 10 gram in the national cash on Thursday, in line with a powerful rally in international tariff of the precious metal, according to HDFC Securities. Silver prices furthermore witnessed a strong upward tendency, as it jumped Rs you,932 to Rs 75,755 per kg.

“The liquidity push by Banks across the globe has been a deciding component for premium in rare metal prices as the pandemic continually ravage global economy. Simple money policy is leading to investors chasing higher makes on asset classes which can be considered to be safe in times of uncertainness, and nothing like gold, typically the safe haven asset which has in times past been a go to investment decision for investors,” stated Prathamesh Mallya, AVP- Analysis, Non-Agri Commodities and Foreign currencies, Angel Broking.

Unless, global economy starts it is recovery path, precious metals may continue to shine for the rest of 2020, he added.

Globally, rare metal continued its rally, along with spot prices rising zero.32 per cent and eye-catching a fresh record connected with $2,072.4951 for every ounce.

Data showed Ough.S. jobless claims dropped last week, but a staggering 31.3 million people were having unemployment checks in mid-July, while new infections battered the economy.

Gold has rallied more than 35 per cent this year as it is viewed as an asset that should hold it is value while the pandemic and even money printing by banks erode the value of others.

Markets awaited further policy result as U.S. Democratic leaders and White Household officials continued their foretells try to hash out some sort of next wave of comfort to help the economy.

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