Economy

Gold price hit pass $1800 an ounce, highest since 2011

Gold price hit pass $1800 an ounce, highest since 2011”

In other precious metals, silver gained 0.4%, platinum steadied, and palladium rose 0.7%.

Spot gold was nearly unchanged at $1,783.56 per ounce by 0652 GMT, just $5.40 shy of a near eight-year high hit last week.

The acceleration in United States coronavirus cases implies further support from the Federal Reserve. At 12:04 pm, gold futures quoted at Rs 47,997 per 10 grams, down 0.10 per cent compared to their previous close, while silver futures were up 0.05 per cent at Rs 49,204 per kilogram.

"Though the rupee has largely stabilised against the USA dollar, which has lent support to gold prices, the worldwide market is not under our control, so the price in Pakistan is also rising", he said. "We expect gold to rally till Rs 52000-Rs 55000 by the end of this year", said Bhavik Patel.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 48,283 per 10 grams, and silver at Rs 48,803 per kilogram - both excluding Goods and Services Tax (GST).

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India has reported 7.7 lakh cases of Covid-19 till now, the third highest in the world, with over 21,000 deaths. "If it sustains above $1,822 /Rs 49,220, it can extend gains towards $1,833-1,842 per troy ounce /Rs 49,400-49,580 levels". A weak dollar also helped bullion prices. Gold prices had surged to a record high of ₹49,348 per 10 gram in the previous session, tracking firm global rates.

Domestic bullion can start flat to higher on July 9, tracking a slightly positive start in the global markets. "Strong economic data from US, China, and European Union also pressurized the yellow metal prices", said Ajay Kedia, director, Kedia Commodity Comtrade.

The high so far has been $1,800.39 and gold edged lower after the initial move higher.

However, stability in equity markets has kept a check on the upside.

Gold held steady above the key US$1,800 per ounce level on Thursday (July 9) as worries over a resurgence in Covid-19 cases offset hopes of a swift global economic recovery.



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