Due to the ongoing tension in the Middle East, the price of gold has started touching. Gold has reached an all-time high of six years. At this time, investors have turned their attention to safe haven gold due to the tension created after the US attack in Baghdad. This is the reason why there is a huge surge in gold. Gold prices in the global market are also rising due to the fall in the dollar, weak real estate and the impact of trade-war. In the year 2020, the fast-paced gold is moving towards the biggest annual increase of nearly a century. Similarly, when talking about the domestic market, the impact of the fall in the rupee against the dollar is being seen on gold prices.
Surge in global prices
The spot gold rose 2.3 per cent to $ 1,588.13 an ounce, the highest level since April 2013. According to Bloomberg, it was trading at $ 1,577.26 an ounce, up 1.61 percent, or $ 25.06, on Monday morning. At the same time, the price of Gold Future has gone up by 2.5 percent to $ 1,590.90 an ounce. Palladium has gone up by 1.2 percent to $ 2,013.90 an ounce.
Talking about the spot price of silver at the international level, it is also seeing a huge boom. According to Bloomberg, the spot price of silver was up 2.17 percent at $ 18.45 an ounce on Monday morning.
Gold crossed 40,000 in India
According to the India Bullion and Jewelers Association Ltd., gold (999) closed at Rs 40,092 per 10 grams on Friday. Talking of gold (995), it closed at 39,931 per 10 grams on Friday. According to the association, silver (999) closed at Rs 47,330 per kg on Friday.
Gold futures exceed 41 thousand
On Monday morning of February 5, 2020, the futures price of gold on MCX exchange was up 2.12 percent or Rs 852 to trade at Rs 40,964 per 10 grams. At the same time, the gold futures price of April 3, 2020 was up 2.17 percent or Rs 874 and was trending at Rs 41170 per 10 grams. Talking about silver, the futures price of silver on March 5, 2020 on the MCX exchange was up 2.17 percent or Rs 1033 to trade at Rs 48560 per kg.