Gold prices today hit another new high, silver rates rise

Worries over economic growth due to rising coronavirus cases continued to support gold’s safe-haven demand.

Gold is seen as a hedge against inflation and fears of currency debasement. 

Gold continued its record-breaking run in Indian markets with prices today hitting yet another high. On MCX, October gold futures were up 0.2% to ₹53,865 per 10 gram. Silver futures on MCX also advanced 0.18% to ₹65,865 per kg. In the previous session, gold prices had risen 0.5% or ₹267 per 10 gram while silver had surged 1.2% or ₹800 per kg. Gold had hit an intraday high of ₹53,845 per 10 gram in the previous session.

In global markets, spot gold was steady at $1,976.36 per ounce, $8.30 shy of the all-time high hit in the previous session. Concerns over the impact on the global economy from mounting COVID-19 cases offset pressure from a rebound in the US dollar. The World Health Organization has warned that there might never be a “silver bullet” for COVID-19 in the form of a perfect vaccine and that the road to normality would be long.

For more daily updates click here. Also for more related news updates click here.

Update by Faiza Anwar 

News source: Live Mint