Gold Futures Touch All-Time High Of Rs 54,199 Tracking Global Rates
Gold rates have broken a series of records over the past few weeks amid rising COVID-19 cases
Gold Rate In India: Domestic gold futures climbed to an all-time high of Rs 54,199 mark on Monday, tracking the global price which climbed to a record $1,984.66 per ounce amid rising COVID-19 cases in the world. Multi Commodity Exchange (MCX) gold futures - due for delivery on August 5 - rose by Rs 371 or 0.69 per cent to touch the Rs 54,199 mark during the session, compared to their previous close of Rs 53,828. At 12:07 pm, the MCX gold futures traded with a gain of Rs 102 - or 0.19 per cent - at Rs 53,930. (Track Current Gold Rate Here)
(Gold futures were close to a record high of Rs 54,199)
Gold rates have broken a series of records over the past few weeks amid rising COVID-19 cases around the globe and worsening ties between the world's two largest economies. Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes. (Also Read: Gold's "Dream Run" May Continue, Say Analysts)
In the international market, gold prices surged to an all-time high on Monday as fears about the economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar. Spot gold was last seen trading steady at $1,974.29 per ounce, having hit a record high of $1,984.66 in early Asian trade.
The opening rate of gold jewellery stood at Rs 53,952 per 10 grams on Thursday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Domestic stock markets were set to close lower for the fourth session in a row as banking stocks tumbled on mixed expectations for an upcoming interest rate decision, while surging domestic coronavirus cases also dented sentiment. The S&P BSE Sensex index fell as much as 1.56 per cent - or 587.85 points - to 37,019.04 during the session, and the broader NSE Nifty 50 benchmark slid to as low as 10,911.80, down 161.65 points from its previous close.
What Analysts Say On Gold Rates
"Spot gold hit a fresh record high level of near $1982/oz today and is currently trading near $1972. MCX gold August contract hit a high of Rs.53920/10 grams on Friday, the highest on record for a first month contract," said Ravindra Rao, VP-head commodity research, Kotak Securities.
"Gold has continued to rise on safe-haven buying amid increasing risks to global economy on the back of rising coronavirus cases, increasing US-China tensions and political wrangling over additional stimulus measures. In international market, gold has been on a persistent rise ever since breaking past the $1900/oz level and looks set to test the next pivotal level of $2000/oz level."