Gold prices reach all time high
Gold has reached a new peak on the first day of Lockdown 4. On Friday, the price of 10 grams of gold reached an alltime high of Rs 47067. This record was broken yesterday. The price of 24 carat gold has rose to Rs 881 to Rs 47948 per ten gram on Monday morning. There was a big jump of Rs 2480 in silver. By the afternoon, the gold price softened slightly, but the record remained intact. 10 grams of gold stood at Rs 47861 at the end of the trade. At the same time, the price of silver rose by Rs 3085. Silver reached Rs 48120 per kilogram.
The website of the India Bullion and Jewelers Association (ibjarates.com) updates their average price.
Futures market also up
On the other hand, speculators bought fresh positions due to strong spot demand, leading to rise of gold by Rs 479 to Rs 47,860 per 10 grams in the futures market on Monday. Gold for June delivery rose by Rs 479, or 1.01 per cent, to Rs 47,860 per 10 grams in the Multi Commodity Exchange with a turnover of 12,881 lots.
Gold for delivery in August rose by Rs 469, or 0.99 per cent, to Rs 48,038 per 10 grams, with a turnover of 9,121 lots. Market analysts said fresh buying by traders mainly led to rise in gold futures. Globally, gold rose 0.95 percent to $ 1,773 an ounce in New York.
Silver futures gain on spot demand
Due to strong spot demand, traders increased the size of their deals, leading to a rise of four per cent to Rs 48,585 per kg in the futures market on Monday. Silver for July delivery rose by Rs 1,867, or four per cent, to Rs 48,585 per kg on the Multi Commodity Exchange with a turnover of 8,285 lots. On the global level, silver rose 3.75 per cent to 17.71 in New York. Dollar per ounce.
