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Last Updated : Jul 09, 2020 11:04 PM IST | Source: Moneycontrol.com

Gold hits record high of Rs 49,239 per 10 gram, silver zoom past Rs 51,000 per kg

Damani expects the yellow metal to trade in a range of $1,780-1,835 per troy ounce on COMEX. "Domestic prices could hover in the range of Rs 48,900-49,600/10 gram."

Gold prices rose Rs 119 to Rs 49,239 per 10 gram, a record high in the Mumbai bullion market due to weakness in the dollar-rupee. The yellow metal prices gained on heightened risk sentiment on record coronavirus cases after Johns Hopkins University data showed the number of global cases topped 12 million as of July 9.

The rate of 10 gram 18, 22 and 24-carat gold in Mumbai was Rs 36,929, Rs 45,103 and Rs 49,239 plus 3 percent GST.

Federal Reserve officials suggested the US recovery may be stalling, raising doubts about its durability. Britain's finance minister promised an additional $38 billion to head off an unemployment crisis.

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SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.27 percent to 1,182.11 tonne on July 9.

Navneet Damani, Vice President, Motilal Oswal, said market participants will keep an eye on the weekly jobless claims from the US; a weaker than expected number could lend support to metal prices.

He expects the yellow metal to trade in a range of $1,780-1,835 per troy ounce on COMEX. "Domestic prices could hover in the range of Rs 48,900-49,600/10 gram."

The gold-to-silver ratio currently stands at 96.13 to 1, which means the amount of silver required to buy one ounce of gold.

Silver prices rose Rs 1,080 to Rs 51,220 per kg from its closing on July 8.

In the futures market, gold touched an intraday high of Rs 49,312 and an intraday low of Rs 48,940 on the Multi-Commodity Exchange (MCX). For the August series, the yellow metal touched a low of Rs 39,200 and a high of Rs 49,348.

Gold futures for August delivery slipped Rs 166, or 0.34 percent, at Rs 48,993 per 10 gram in evening trade on a business turnover of 10,621 lots. The same for October delivery was down Rs 161, or 0.33 percent, at Rs 49,140 on a business turnover of 9,329 lots.

The value of the August and October contracts traded so far is Rs 3,914.56 crore and Rs 305.17 crore, respectively.

Similarly, Gold Mini contract for August eased Rs 169, or 0.34 percent at Rs 48,991 on a business turnover of 13,367 lots.

At 12:26 (GMT), spot gold was down $2.21 at $1,807.30 an ounce in London trading.

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First Published on Jul 9, 2020 06:34 pm
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