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Saturday, July 11, 2020

Gold price hits fresh record high, Silver surges to Rs 49,190 

Gold Rate Today: 24 Carat Gold in India was selling at Rs 4,787 per gram. In National Capital Delhi, gold prices went up by Rs 20 to Rs 46,780. Price price of 24 carat gold went up by Rs 10 to Rs 47,970/10gm
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New Delhi: Gold prices hit a fresh record high on Monday after price surged Rs 333 (0.68%) to Rs 48,289 per 10 gram (MCX gold price)in early trade. Silver also rose Rs 554 (1.14%) to Rs 49, 245 per 1Kg. Note that so far this year, gold prices in India are up around 23% in just six months, following a 25% rally last year.

Gold prices in India saw an increase following the hike in international markets. Spot gold was up 0.4% at $1,749.54 per ounce after hitting its highest since May 20 at $1,751. U.S. gold futures rose 0.6% to $1,763.80 per ounce. In the international market, Gold prices hit a one-month high today as surging coronavirus infections intensified concerns over a delay in global economic recovery which prompted investors to seek the safe-haven metal.

Gold price today in India:

As per Goodreturns, 24 Carat Gold in India was selling at Rs 4,787 per gram. In National Capital Delhi, gold prices went up by Rs 20 to Rs 46,780. Price price of 10 grams of 24 carat gold went up by Rs 10 to 47,970. In Chennai, gold prices went up by Rs 10 and the precious metal was selling at Rs 46,100 (22 Carat) and Rs 50,290 (24 Carat). 

In Kolkata, the price of the yellow metal has stood at Rs 47,380 per ten gram of 22 carat, up Rs 10 and Rs 48,670 per ten gram of 24 carat gold with a rise of Rs 10. In Mumbai also, Gold prices surged by Rs 10 for both 22 carat and 24 carat gold taking the prices to Rs 46,870 and Rs 47,870 per 10 gram respectively.

Gold Rates:

It is worth mentioning that in India, gold prices are influenced by global rates and rupee-US dollar exchange rate. Global Gold prices have rallied about 15% this year, supported by safe-haven demand amid concerns of an economic slowdown and unprecedented amounts of government and central bank stimulus that fanned fears about inflation.

The surge in prices of the yellow metal has kept retail demand of gold subdued in India. As per a Reuters report, dealers in India were offering a discount of up to $13 an ounce over official domestic prices. Note that the domestic price includes a 12.5% import tax and 3% GST.

On MCX, August gold futures rose about Rs 600 on Friday to settle near record highs of about Rs 48,000 per 10 gram. Silver futures also finished up 1.5% higher at ₹48,598 per kg. US gold futures rose more than 1% on Friday, settling above the technical barrier of $1,750 an ounce.

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