Gold prices hit all-time high on Tuesday: Check Delhi price

02 Juillet, 2020, 07:20 | Auteur: Auguste Feret
  • Gold prices hit all-time high on Tuesday: Check Delhi price

At 11:20 am, gold futures for August delivery rose 0.21 percent to Rs 48,405 per 10 grams as against the previous close of Rs 48,305 and opening price of Rs 48,365 on the MCX.

In the worldwide market, spot gold firmed near an eight-year peak of $1,788.06 per ounce on Wednesday, as a spike in coronavirus cases in the U.S. and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets.

Meanwhile, global prices of the precious metal increased further after top United States pandemics expert Anthony Fauci on Tuesday warned that the number of new Covid-19 could grow to 100,000 daily without proper social-distancing and other safety measures, triggering fears of a second wave of infections in the U.S. and other countries. Silver July futures also collapsed by 0.50 per cent to Rs 48,123 per kilogram.

Experts are of the view that both Gold and Silver are likely to trade sideways.

"International bullion prices have started flat this Thursday morning in Asian trade after witnessing some profit booking on Wednesday". U.S. gold futures rose 0.5 percent to $1,788.40 per ounce. "Moreover, it is expected to trade in a sideways momentum in the range of Rs 48,000-48,700 levels", he said.

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Gold has crucial support at $1,755 per troy ounce/Rs 4,7920 on a closing basis and a break and sustains below only will show further weakness, else it will test resistance levels of $1,788-1,800 per troy ounce/Rs 48,350-48,580 levels again.

"On MCX, resistance for gold prices is placed at Rs 48,850 level while support is seen at Rs 48,000", Kedia added. "In general, the market sentiment is that for the coming six months to one year the gold prices are likely to cross $2,000 per ounce, which comes to roughly Rs 55,000 per 10 gm", he said.

"US-China tensions have added to challenges to global economy".

"Consumer demand remains weak amid higher price and slack economic growth".

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