[ad_1]
MUMBAI: Gold prices climbed to another record high level on the Multi Commodity Exchange and also in the local market as jewellers saw some uptick in business since it was an auspicious day.
Prices of gold and silver have been hitting new highs in recent weeks due to multiple factors. These include heightened geopolitical risks, uncertainties due to general elections in several countries around the world, aggressive buying of the yellow metal by central banks and the recent weakness of the rupee against the dollar.
On the MCX on Tuesday, while the near month (June) futures contracts hit a high of Rs 71,739/10 grams, the mid (August) month contracts were traded at Rs 72,047 and far (Oct) month contracts were traded at Rs 72,138.The local wholesale market for the metals was closed for Gudi Padwa.
In the international market, gold prices inched up closer to the $2,400/ounce (oz) mark, a never-seen-before level. On New York’s Comex, in mid-session on Tuesday, it traded at $2,385 – a new all-time peak. In recent months, after these two precious metals started to rally, demand from ETFs also rose which strengthened the rally, news reports said. Although a strong US economy and a robust labour market are delaying a rate cut by its central bank, investors nonetheless are buying gold in anticipation of a further rally once rates are reduced later in the year, analysts said.
Prices of gold and silver have been hitting new highs in recent weeks due to multiple factors. These include heightened geopolitical risks, uncertainties due to general elections in several countries around the world, aggressive buying of the yellow metal by central banks and the recent weakness of the rupee against the dollar.
On the MCX on Tuesday, while the near month (June) futures contracts hit a high of Rs 71,739/10 grams, the mid (August) month contracts were traded at Rs 72,047 and far (Oct) month contracts were traded at Rs 72,138.The local wholesale market for the metals was closed for Gudi Padwa.
In the international market, gold prices inched up closer to the $2,400/ounce (oz) mark, a never-seen-before level. On New York’s Comex, in mid-session on Tuesday, it traded at $2,385 – a new all-time peak. In recent months, after these two precious metals started to rally, demand from ETFs also rose which strengthened the rally, news reports said. Although a strong US economy and a robust labour market are delaying a rate cut by its central bank, investors nonetheless are buying gold in anticipation of a further rally once rates are reduced later in the year, analysts said.
