Gold rate today hits record high amid US-China tensions\, rising Covid cases
NEW DELHI: Silver and gold continued their upward momentum in Tuesday's session and rose further, tracking the trend in the global market ahead of Federal Reserve’s policy meet.
Gold's safe-haven appeal was also lifted on deteriorating US-China ties and dimming hopes of a quick economic recovery as the virus showed no signs of slowing.
Gold futures on MCX were up 0.06 per cent or Rs 29 at Rs 52,130 per 10 grams. Silver futures spiked 2.25 per cent or Rs 1,472 to Rs 67,000 per kg.
Gold prices in the national capital continued to hit new highs, rising by Rs 905 to Rs 52,960 per 10 gram on Monday, in line with the rally in the international market, according to HDFC Securities. Silver was also in huge demand as it zoomed by Rs 3,347 to Rs 65,670 per kg.
Globally, gold jumped more than 1.5 per cent to hit a record and marched towards the $2000 level on Tuesday, boosted by a weaker dollar and expectations of a long, dovish stance from the US Federal Reserve as economic pain from the coronavirus pandemic grows.
By 0254 GMT, spot gold was up 1.4 per cent at $1,969.76 per ounce after scaling a fresh peak of $1,980.57 in early Asian trade. U.S. gold futures climbed 1.7 per cent to $1,963.30.
Silver also surged, rising as much as 6.4 per cent to $26.19 per ounce, its highest since April 2013.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.5 per cent to 1,234.65 tonnes on Monday.
Platinum rose 0.5 per cent to $950.13 and palladium gained 0.9 per cent to $2,331.76.