Gold hits high of Rs 51,900; silver passes Rs 60k a kg

Chart 10-year US Treasury bond yields vs. 10-year breakeven inflation expectations. Source

At 9.48 am pm On the Multi-Commodity Exchange (MCX), August gold contracts were trading 0.84 percent at Rs 49927 per 10 gram. September futures for silver were trading 5.38 percent at Rs 60385 per kg.

"Gold has rallied to record high levels reflecting firmness in the worldwide market, where prices have been on a rise for the last few months but picked up pace amid sharp losses in the dollar, additional stimulus measures and robust investor inflows". In March this year, silver price was hovering around Rs 36,000 - Rs 37,000 per kg.

Now that the dollar is weakening, the US dollar-denominated precious metal is becoming more attractive for overseas buyers with stronger currencies.

Gold futures surged to an nearly nine-year peak and silver touched the highest since 2014 after Hong Kong reported additional cases of the virus and new infections in the Australian state of Victoria surged, fueling demand for haven assets.

Spot gold was last seen trading up 0.8 per cent at $1,856.13 per ounce, having earlier hit $1,865.35, its highest level recorded since September 2011. US gold futures were 0.9% higher at $1,859.60. Reflecting investor sentiments, SPDR Gold Trust ETF said its holdings rose 0.7% to 1,219.75 tonnes on Tuesday.

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On the MCX, open interest in gold had hit its highest level this month. "Price may remain higher unless we see a significant recovery in USA dollar or some profit booking by ETF investors", Kotak Securities said. "So they are buying silver", he said.

A US Federal meeting is scheduled for next week, which is a key trigger for the yellow metal prices.

Additionally, silver could be outperforming on Wednesday after the European Union agreed on a €750 billion recovery fund, which earmarked 30% of spending on environmental initiatives and said funding of other projects has to be in line with the Paris climate accord, MarketWatch reports. "Gold/Silver ratio today is at 82, the lowest since November 2019, meaning that silver is back in the game", Trivedi added.

Gold jewellery prices vary in different parts of the country due to factors such as state taxes and making charges.

To offset the coronavirus economic fall out, economies around the world have been pumping in money and after the recent stimulus worth 750 billion euro announcement by the European Union, the USA is also discussing a next round of relief as extended unemployment insurance.

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