Gold at 50,000 new lifetime high in India, Silver hits 61,000 on safe haven demand

Sheikh Danish

Srinagar, July 22(ANH) : Gold and silver prices in India are seeing a high traction on safe haven flight. Gold prices on the MCX hit a new record high of Rs. 50,085 per 10 gm, while Silver again rocketed in price by a huge 6% to Rs.61,000 per kg. This is in line with global rates.

In the international markets, gold zooms to 9-year high on weaker dollar as well as stimulus measures globally to combat the fall out due to coronavirus pandemic.

Gold was up 0.84% at $1,859 per ounce by 12 noon on Wednesday, after hitting its highest in nearly nine years at $1,866 in early Asian trade.

Internationally silver surged by a record 6 % to $22.858 per ounce while palladium and platinum also climbed 0.4% and 0.1%, respectively.The dollar index traded near an over 4-month high.

At the White House Donald Trump, the US President remarked that condition of coronavirus would get only worse before it gets any better.(ANH)

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