Gold prices hit all-time high; check key reasons for surge in yellow metal prices

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Updated: Feb 20, 2020 1:12 PM

Gold, SilverGold may stay positive due to fear of a slowdown in global growth due to coronavirus in China. Investment demand has reached a multi year high

Gold prices rose today in India to hit fresh all-time high tracking gains in global markets which are nearing 7-year high. On MCX, gold April futures were trading higher at Rs 41,605 per 10 grams while silver March futures were ruling at Rs 47,647 per Kg, up Rs 77 or 0.16 per cent. “MCX gold April future again hit an all-time high, at Rs 41,798 and trading with a positive undertone. On a weekly basis, it has gained 1.82 per cent, 1.7 per cent on monthly basis and 6.7 per cent on a year to date basis. Gold may stay positive due to fear of a slowdown in global growth due to coronavirus in China. Investment demand has reached a multi year high. Although the dollar is approaching 100 mark, safe haven demand pushed gold higher. The sentiment is positive in the yellow metal but we don’t deny technical correction,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. 

Spot gold was down 0.1 per cent at $1,609.59 per ounce. US gold futures were flat at $1,612.20. Silver was down 0.3 per cent at $18.34, but hovered near its highest level in more than a month hit on Wednesday, while platinum fell 0.7 per cent to $998, as per Reuters news report.  In commodities, Brent crude futures were up 14 cents, or 0.2 per cent, to $59.26 a barrel, after climbing to as high as $59.71 earlier in the day. The international benchmark rose 2.4 per cent on Wednesday. West Texas Intermediate (WTI) crude futures climbed 25 cents, or 0.5 per cent, to $53.54 per barrel.

On the domestic equity front, indices were trading in range on Thursday. S&P BSE Sensex was trading flat to positive, up 53 points or 0.13 per cent at 41,376.25 points, while the broader Nifty 50 index was ruling at 12,141, up 15 points or 0.12 per cent.

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