The price of gold and silver in the country reached its record level for the first time on Wednesday. After the boom in the international market on Wednesday, the prices of gold and silver in the domestic futures market have seen tremendous rise, both metals are at their highest level. Gold has touched the figure of 50,000. At the same time, silver is also running close to Rs 60,619.
On the Multi Commodity Exchange (MCX), August Gold Future saw an increase of 1 percent, ie Rs 493, after which the gold price reached Rs 50,020 in the morning. In September, the Silver Future rate increased by six percent, after which its rate has increased from Rs 57,342 to Rs 60,782. Gold futures were trading up by 0.99 percent on MCX at 11.03 am on the promise of Rs 50,017. At the same time, Silver Future saw a gain of 5.71 percent, after which Silver’s future rate was running at Rs 60,619.
Gold and silver prices have seen tremendous rise in the last few weeks amid the havoc of covid-19 worldwide. Usually, in an environment of uncertainty, investors run out of risky options and turn to gold. The demand for gold in the domestic market has decreased amid the lockdown in the country, although the price of gold has gone up tremendously. But due to inflation in yellow metal prices, gold demand in the retail market is slowing down.
On Wednesday, gold jumped one per cent to its all-time high in nine years amid expectations of a weak dollar in the international market and market relief to recover from the epidemic. Spot Gold was trading at a rate of $ 1,856.13 an ounce, up 0.8 percent. Earlier, it touched a figure of $ 1,865.35 an ounce, the highest level since September 2011.