The gains in bullion prices have been on hopes of interest rate cuts by the US Federal Reserve and global central banks heightened buying of the yellow metal.
Gold and silver prices hit new lifetime highs in the opening trade on Monday continuing their dream run on the Street. Gold contracts on MCX hit a life high of Rs 71,080 per 10 grams jumping Rs 440 or 0.62%. Meanwhile, silver futures scaled a new peak of Rs 82,064. It was trading at Rs 81,939, rising Rs 1076 or 1.33%, around 10:10 am.
Gold prices on MCX and silver futures surged, driven by US Federal Reserve s rate cut hopes and geopolitical tensions. Analysts project bullish trajectory.
The MCX June gold futures were trading at Rs 68,644 per 10 grams around 9:10 am, rising Rs 313 or 0.46% while May silver futures were trading at Rs 76,076 per kg, higher by Rs 544 or 0.72%.
Gold prices hit a lifetime high of Rs 69,487 on Monday, driven by global factors. Anuj Gupta advises buying MCX June gold at Rs 67,900 and MCX March silver at Rs 76,050.