On Thursday, gold futures on MCX (Multi Commodity Exchange of India) was trading at Rs 49,152/10 grams after hitting a new all-time high of Rs 49,348 the previous day, largely due to global trends. Silver, however, declined Rs 104 to Rs 50,416 per kg.
Australia & New Zealand Banking Group Ltd., which forecasts a record price this half, says the gold market has "almost ideal conditions", including lower rates, ample liquidity and a weaker dollar. Spot silver touched $18.7741 an ounce, the highest in more than four months.More news: Highlights: AC Milan 4-2 Juventus | Zlatan’s Penalty Sparks Stunning Comeback Victory
Spot gold was nearly unchanged at $1,783.56 per ounce by 0652 GMT, just $5.40 shy of a near eight-year high hit last week. "Gold also got support from the latest world gold council report that Gold ETF investment reached record highs in June amid safe-haven buying due to rapidly increasing coronavirus cases", Manoj Jain, Director (Head - Commodity & Currency Research) at Prithvi Finmart Pvt Ltd told Moneycontrol. MCX gold futures due for delivery on August 5 moved between Rs 47,775 and Rs 48,027 per 10 grams, compared to their previous close of Rs 48,046 per 10 grams.
The next levels to watch are $1,810 and $1,825.More news: Johnny Depp seen lying bloodied with a mutilated finger in resurfaced photos
Global gold prices eased as risk sentiment improved ahead of U.S. services sector data, although losses were capped by worries over surging coronavirus cases in some USA states.
Domestic gold futures were stuck in a narrow range on the either side of Rs 48,000 per 10 grams on Monday amid easing global rates. In 2020, so far, global net inflows into gold-backed exchange-traded funds (ETFs) have nearly touched $39.5 billion, according to the World Gold Council. Supporting gold price is rising virus risks, US-China tensions, ETF inflows, continuing stimulus measures, and weakness in the US dollar. Demand for havens has surged, with inflows into gold-backed exchange-traded funds this year already topping the record full-year total set more than a decade ago, and some market watchers are forecasting prices could hit all-time highs as the health crisis drags on.More news: Raheem Mostert Requests Trade From 49ers