Gold futures on MCX rise over concerns of ‘Delta’ variant
The September contract of silver on the MCX was trading at Rs 67,228 per kg, lower by Rs 18 from its previous close.
Taking cues from the markets abroad, gold and silver prices traded on a new record high on the futures trade market in India.
Gold traded at Rs 45,724 per 10 gm on Multi-Commodity Exchange (MCX) even as silver too was on strong wicket for Rs 43,275 per kg, an increase of Rs 2052, in the first session.
Silver had opened at Rs 42,871 and went up to Rs 43,532.
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Gold, on the other hand, continued to rise in the international market for the fifth consecutive day. On Comex, it rose to a seven-year high.
On MCX, gold prices for June were trading Rs 1515 (3.47 per cent) higher at Rs 45,237 per 10 gm in the morning compared with an earlier session.
Some experts believe that the rise in gold prices will continue due to investors interest in precious metals in view of economic uncertainties. While others like Kedia Advisory Director, Ajay Kedia, said the high price was due to the fact that gold was seen as a safe investment.
In the international future trades markets, gold was trading on Comex at 1,742.20 dollars to an ounce, which was the second-highest since October 18 when it was 1,749.10 dollars.
Gold was selling for June contract on Comex at 1,711.70 dollars, an increase of 17.80, per ounce. It went up to 1,742 dollars, the highest for seven-and-a-half years.
On the other hand, silver for May contract was selling at 15.55 dollars per ounce, an increase of 2.56 dollars.
Market experts said gold prices could touch 2,000 dollars. In the Indian market, it could go up to Rs 50,000 per gm in the futures market.
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