Gold prices hit all-time high in India

Gold prices on Friday extended gains for the fifth consecutive day to hit a record high, breaking earlier peak of Rs 46,928 per 10 gram on April 16

The spike in bullion prices was seen in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June touched a new high of Rs 47,442 as it witnessed Rs over 641 point rise in intra-day trade. 

Similarly, Silver prices crossed Rs 46,200 mark on MCX with a rise of over Rs 2,000. 

This comes even as spot gold markets remain shut on Friday due to countrywide lockdown to prevent spread of COVID-19, according to HDFC Securities.

In the international market, the yellow metal was trading higher at USD 1,736 per ounce, while silver also witnessed buying interest, rising to USD 16.23 per ounce.

"Gold prices rallied on safe-haven buying on gloomy economic outlook," HDFC Securities said. 

According to commodities and bullion experts, gold price may further continue to ascend as triggers for gold rally still exists, Zee Business reported. They said that in next one week gold price may go up to Rs 47,800 to Rs 48,000 per 10 gm at MCX while in next three months, we can witness gold price at Rs 51,000 per 10 gm, according to the Zee Biz report.