Gold prices at all-time high, hit Rs 50,000 per 10 gms; set to hit Rs 55,000 by year-end

Gold prices today hit a fresh all-time high of Rs 50,021 per 10 grams, backed by positive trends in international rates, coupled with a weaker dollar. With today’s surge in the prices of yellow metal, Gold prices have climbed up 28 per cent on a year-to-date basis. Bucking the trend, silver September futures have hit a 7-year high of Rs 60,782 per kg on MCX. “The drivers pushing the gold and silver prices higher are loose monetary policy and low real yields,” Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities, told Financial Express Online. “EU leaders gave a massive stimulus package of 750 billion euro to deal with coronavirus economic fallout and the market is hoping for a $1 trillion rescue package from Republicans, less than $3.5 trillion proposed by Democrats,” he added.

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