Gold prices surged by Rs 850 to reach a new peak of Rs 70,050 per 10 grams on Thursday on strong global cues, according to HDFC Securities.
This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at Rs
Gold prices declined Rs 150 to Rs 63,350 per 10 grams in the national capital on Monday amid weak global cues, according to HDFC Securities.
In the previous trade, the precious metal had ended at Rs 63,500 per 10 grams.
Silver also plunged Rs 400 to Rs 75,500 per kilogram, while it had closed at
Manav Modi says: "According to a recently released annual report, gold by the end of the year could test levels of $2,260 per troy ounce on the COMEX and Rs 69,000 per 10 gram on domestic bourses. For silver also, its demand as an industrial metal has increased in the past few years and hence any uptick in overall infrastructure or growth could benefit metals prices as well."
Dussehra is considered to be an auspicious time to buy gold. The Middle East conflict and the US interest rate direction have been driving the prices of gold in recent times. However, gold ETF holdings worldwide are at a 3-year low. This suggests that investors aren’t buying gold enough.
According to a poll of 12 experts from brokerages and rating agencies, retail prices of petrol and diesel in India are expected to remain in the current range.