Gold prices hit a new record high in India on Wednesday, with the yellow metal trading at Rs 95,435 per 10 grams on the Multi Commodity Exchange (MCX).
Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
The price of gold went up on MCX on Wednesday with gold for June 5 delivery traded 0.44 per cent higher at Rs 71,652 per 10 grams at around 11:30 a.m.
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.
Prices of the precious metal rose by Rs 1,028 per over the previous day's closing which works out to a nearly 1.5 per cent increase.
The physical demand for gold has remained low because of the higher prices, investors have poured money into avenues such as exchange-traded funds to benefit from the rally.
Silver, on the other hand, traded 1.10 per cent higher at Rs 66,252.00 per kg.
The highly unpredictable economic situation makes investors move towards the safe haven asset.
Following gold’s footsteps, silver too rose by Rs 1,408 to Rs 49,483 per kg from Rs 48,075 per kg on Monday.
On Wednesday, gold gained momentum and crossed the Rs 46,700 level per 10 gram in futures market.
