Gold prices hit a new record high on Wednesday as international prices of the precious metal continue to rise amid uncertainty in the times of COVID-19 pandemic. In the Delhi market, gold prices hit a new record high rising Rs 430 to Rs 50,920 per 10 gram.
Gold hit a new record high on Wednesday as international prices of the precious metal continue to rise amid uncertainty in the times of COVID-19 pandemic.
The gold contract on MCX hit a record high of Rs 50,020 per 10 gm in morning trade. August contract is currently trading at Rs 49,887.00.
In the Delhi market, gold prices hit a new record high of Rs 50,920 per 10 gram, rising Rs 430.
"Spot gold prices for 24 karat in Delhi hit a new record high rallying by Rs 430, reflecting gains in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold was trading higher at US $1,855 per ounce and silver at USD 21.80 per ounce.
"We expect gold to keep up the momentum with occasional corrections, and we suggest investors to use every dip to keep buying gold over medium to long term targets of Rs 65,000," Kishore Narne, Associate Director & Head, Commodities & Currencies, Motilal Oswal Financial Services said.
“We have been bullish on gold for the last couple of years and the view has played out very well, and two quarters back in Dec’19, we have revised our targets from Rs 42,000/10gms to Rs 65,000/10Gms in 18-24 months," he said.
"We continue to maintain this target as the fundamental backdrop which has driven gold over the span of last four months which is the lower interest rates, negative rates in few economies, enormous amount of liquidity and expanded fiscal balance sheets of governments which are trying to push growth amidst Covid-19. We do expect the anaemic economic growth would cause further isolation of economies and intensify protectionist policies and further aggravate trade-war which also helped gold in the past," he added.
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