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Gold price hits record highs, jumps 2,500 by 10 grams in 5 days


Gold prices hit new highs this week in India, closing with strong gains. On MCX, October gold futures rose 1.2% to 53425 per 10 grams on Friday. Gold hit a new high of 53,700. And during the week it increased 2500 per 10 grams or approximately 4.6%. Silver futures also ended the week on a good note on Friday, up 3.6% or 2300 to 64970 per kg. Money has been very volatile since it reached the multi-year period 67,560 last month.

In India, gold prices have jumped more than 35% so far this year, following a global rally.

Concerns over the global economic fallout from growing COVID-19 cases have pushed investors toward the safe haven metal, says Jigar Trivedi, research analyst – Commodities Fundamental, Anand Rathi Shares & Stock Brokers.

Data showed that the US economy suffered its biggest hit since the Great Depression in the second quarter due to the pandemic, as investors also braced for an uncertain political situation in the country.

Fueled by the weak dollar and low interest rates, in global markets, gold also ended a good week. Gold and silver are up 30% this year, with gold and silver exchange-traded funds taking holdings to a record high.

Earlier this week, the Federal Reserve this week reiterated its vow to use all its tools to support the US economy. Spot gold hit a new high of $ 1,983.36 an ounce on Friday.

With more stimulus on the horizon, analysts remain bullish on gold. Goldman Sachs predicts a rally to $ 2,300 while Bank of America Corp on Friday prices could climb to $ 3,000. However, JPMorgan Chase & Co. sees the rally run out of steam later this year.

Back in India, the fifth tranche of gold bonds for this fiscal year opens tomorrow and the issue price has been set at 5334 per gram. Sovereign Gold Bonds are issued by RBI on behalf of the Indian government. Basically, gold bonds are government securities denominated in grams of gold. They are substitutes for holding physical gold.

(With contributions from the agency)

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