Gold hits life time high of Rs 51184 today, may touch Rs 52000 mark, expert says
Gold price continues its strong rally as it hit a new life time high of Rs 51184 per 10 gram in the intraday trading on Friday. At 7:30 pm, the MCX August Gold futures were trading at Rs 51085, up by almost 0.8 per cent from the previous close on Thursday
Gold price continues its strong rally as it hit a new life time high of Rs 51184 per 10 gram in the intraday trading on Friday. At 7:30 pm, the MCX August Gold futures were trading at Rs 51085, up by almost 0.8 per cent from the previous close on Thursday.
The precious metal is likely to trade in a positive territory in the next week too, Senior Technical Analyst Anuj Gupta said. Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that the Gold Futures could test Rs 52000 by next week.
Spot price of Standard Gold was Rs 50919 while for Pure Gold it was Rs 51124, PTI reported.
As for MCX Silver, the September Silver Futures were up by 0.7 per cent around this time. They were trading at Rs 61622 per 1 kg. The intraday high was Rs 61828. Silver spot today closed at Rs 59885.
The technical analyst said that levels around Rs 63000- Rs 65000 could be tested for September Silver Futures during the next weekly trading sessions.
He reiterated his position saying the US-China tensions will act as a positive trigger for both these bullion metals. He sees a further weakness in dollar which will provide a greater strength to gold and silver.
Gold resumed its march toward USD 1,900 on Friday as souring US-China relations added fuel to a rally towards a nine-year peak driven by fears over the economic hit from the coronavirus pandemic Reuters reported. Silver, meanwhile, was en route to its best week since 1987, the report further said.
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Spot gold was 0.3 per cent higher at USD 1,892.81 per ounce by 1207 GMT, having hit its highest since September 2011 at USD 1,897.91 on Thursday. US gold futures rose 0.1 per cent to USD 1,891.70.
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