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Gold Price Rise Above Rs. 47,000 Per 10 Gm; Global Rates Steady

Roshni Agarwal

Gold prices in India after falling in the previous session have again gained momentum today (May 26, 2020) taking cues from global rates. On the MCX, June gold futures at 9:26 am were quoting higher by 0.26% or Rs. 124 at Rs. 47097 per 10gm. In line, silver too was trading firm by 1.41% or Rs. 679 at Rs. 48,936 per kg.

Early during the month, gold prices had hit a record high of Rs. 48,000 per 10gm.

In the international markets, gold continues to gain on spiralling US-China tensions over Hong Kong, boosting safe-haven appeal of the precious yellow metal. White House National Security Adviser Robert O'Brien on Sunday said, the proposed security laws by China could result in US sanctions on Hong Kong and China and risk the city's status as a financial centre.

At the same time, gains in the bullion remain capped owing to ease in lockdown restrictions which improved risk sentiment as well as on hopes of coronavirus vaccine.

Spot gold gained 0.2% to $1,732.38/ ounce by 0241 GMT. US gold futures were trending lower by 0.1% to $1,733.50.

Gold gains appeal in times of economic and political crisis. Further, improving risk-on sentiment, a survey result on Monday revealed that business sentiment in Germany bounced back in May after drooping to record low in the previous month.

Back home, price of 22K and 24K gold is at Rs. 46010 and Rs. 47010 per 10 gm, respectively.

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