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Last Updated : Jul 22, 2020 11:29 AM IST | Source: Moneycontrol.com

Gold hits new record high of Rs 49,440 per 10 gram, silver surge Rs 2,505 per kg

Navneet Damani, Vice President, Motilal Oswal, said the broader trend on the COMEX could be in the range of $1,787-1,855 per troy ounce. "On the domestic front, prices could hover in the range of Rs 48,870-49,550."

Gold prices gained Rs 223 to Rs 49,440 per 10 gram to hit a fresh high in the Mumbai bullion market on weakness in dollar versus the rupee. The yellow metal gained after European Union leaders agreed on a stimulus package to revive the economy, while US Congress will discuss a new aid package this week.

The dollar index hit a low of 95.62 on July 21, the lowest since March, amid reduced safe-haven buying and concerns about rising US coronavirus cases.

Advisers to US President Trump and congressional Democrats were set to discuss the next steps in responding to the coronavirus crisis, with Congressional Republicans saying they were working on a $1 trillion relief bill.

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The rate of a 10 gram 18, 22 and 24-carat gold in Mumbai was Rs 37,080, Rs 45,287 and Rs 49,440, respectively, plus 3 percent GST.

Navneet Damani, Vice President, Motilal Oswal, said the broader trend on the COMEX could be in the range of $1,787-1,855 per troy ounce. "On the domestic front, prices could hover in the range of Rs 48,870-49,550."

“Gold may continue to trade with a positive bias as market players cheer additional stimulus measures,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

The gold-to-silver ratio currently stands at 90.13 to 1, which means the amount of silver required to buy one ounce of gold.

Silver prices rose Rs 2,505 to Rs 54,850 per kg from its closing on July 20.

In the futures market, gold touched an intraday high of Rs 49,239 and a low of Rs 49,036 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 gained Rs 193, or 0.39 percent, at Rs 49,220 per 10 gram in evening trade on a business turnover of 7,389 lots. The same for October delivery edged higher Rs 192, or 0.39 percent, at Rs 49,350 on a business turnover of 12,125 lots.

The value of the August and October contracts traded so far is Rs 2,989.93 crore and Rs 358.38 crore, respectively.

Similarly, Gold Mini contract for August rose Rs 203, or 0.41 percent at Rs 49,270 on a business turnover of 10,622 lots.

At 12:10 (GMT), spot gold was up $13.12 at $1,830.75 an ounce in London trading.

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First Published on Jul 21, 2020 06:54 pm
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