Gold price surges to record high
In the international market, spot gold was up 0.2 per cent at $2,283.76 per ounce in morning trade after touching an all-time high of $2,288.09 earlier in the session.
Gold futures in India touched on Friday touched a new all-time high of Rs 56,191 per 10 gram. Similarly, the futures contracts of silver on MCX surged recorded a new high on Friday as it touched Rs 77,949 per kilogram.
At 2.20 pm, gold futures for October delivery rose 0.08 per cent to Rs 55,890 per 10 grams as against the previous close of Rs 55,845 and opening price of Rs 55,965 on the MCX.
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For gold, it has been the global economic uncertainty amid the pandemic which has made investors flock towards the yellow metal, which is traditionally considered a safe haven asset.
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Currently, the active October contract of gold on the MCX was trading at Rs 55,950 per 10 gram, higher by Rs 105 or 0.19 per cent from the previous close.
For Silver, the September contract is currently trading at Rs 76,900 per kilogram, higher by Rs 848 or 1.12 per cent from its previous close.
According to market experts, industrial and investment demand have picked up of late for silver as economies are opening up gradually post the pandemic-related lockdowns. Further global supply constraints have been a major factor for the recent surge.
Peru, the world’s second-largest silver producer, saw its mine supply fall by one-third due to the COVID-induced lockdowns.
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