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Gold Prices Hover Near Record Highs On Firm Global Rates

Roshni Agarwal

Gold prices in India on June 29, 2020 continue their upward journey and hover close to record high hit last week. On the MCX, August gold futures at 9:20 am traded higher by Rs. 85 or 0.18% at Rs. 48390 per 10 gm. Silver in line also traded firm with gains of 0.48% or Rs. 231 at Rs. 48596 per kg. On June 24, 2020, gold prices on the MCX hit a high of Rs. 48589 per 10gm.

International gold rates

Gold prices in the international market gain as rising fresh coronavirus cases globally dent optimism around swift economic recovery from the Covid 19 fall-out. In times of economic and geo-political uncertainty, gold gains appeal as a safe-haven asset.

Spot gold was up 0.2% at $1,773.43 per ounce by 0259 GMT. Last week, gold hit a near 8-year high price of $1779.06. U.S. gold futures rose 0.1% to $1,781.60.

As of Sunday, total deaths due to Covid 19 globally reached 0.5 million, while total cases crossed 10 million. Also, California, a US state announced some of the bars to close, rolling back previous efforts of reopening the economy as cases surge across the US.

Meanwhile, traders will keep an eye on Federal Reserve Chairman Jerome Powell's testimony on Tuesday and US payrolls data due to be released on Thursday.

Back home, 22K and 24K gold is priced at Rs. 47370 and Rs. 48370 per 10 gm. Also, dealers are offering steep discounts as record high prices and surging infections restrict gold buying.

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