Gold and Silver rates touch all-time high

Source :SIFY
Author :Finance desk
Last Updated: Wed, Jul 22nd, 2020, 13:16:47hrs
Gold-coins-Paul-Faith-AFP-Sify

Mumbai/New-Delhi/Chennai: Gold and Silver rates in India hit life-time high surpassing crucial barrier levels of Rs 50,000 per ten grams (Gold) and Rs 61,200 (Silver) across several markets and domestic exchanges.  

On the MCX, Gold rates touched a life-time high of Rs 50,085 per ten grams for August futures contracts. Silver September futures on the MCX turned 6.07 percent up in early trade to quote Rs 61,280 per kilo.  

Gold-rates quoted by Jewellers hovered in a range of Rs 50,100 while Silver was quoting Rs 62,000 per kilo. These rates are exclusive of GST and making charges. City-wise gold and bullion rates are available here.  

With global benchmark rates balancing themselves at $1,860 per ounce levels, rates for the yellow and silver metal have increased by a margin of Rs 400-500 across several Indian cities.  

Bullion markets have witnessed a bull-run owing to uncertain economic trends and the probability of the US government announcing a second round of government funding.  

International Gold rates touched an all-time high of $1,917.90 per ounce on April 23, 2011 and if the markets cross this threshold, gold rates in India could touch Rs 52,350 [assuming USD-INR trades unchanged at 74.65 levels].  

Experts expect Gold rates to trade to Rs 55,000 by Dhanteras [Friday, November 13, 2020].

Image: Sify.com is subscribed to AFP. Image attributed to PAUL FAITH for AFP.