Gold price hit record high amid bank crisis in US; MCX Gold up Rs 3000 in a week
Gold in the last one week has jumped by about Rs 3000 in the domestic market amid a weak equity market and also mainly due to concerns rising in US after Silicon Valley Bank collapse.
Gold hit a new record high level in the domestic and international markets mainly due to fall in dollar and global stock markets on the back of crisis in US, according to Zee Business report.
The yellow metal’s price on the Multi Commodity Exchange of India (MCX) price breached Rs 59,000 mark for the first time. It hit a lifetime high of Rs 59,461 per 10 gm on MCX, from the previous high of Rs 58,847 per 10 gm during the Friday session.
Gold in the last one week has jumped by about Rs 3000 in the domestic market amid a weak equity market and also mainly due to concerns rising in the US after Silicon Valley Bank collapse.
In the international market, spot gold prices rose 3.01 per cent to $1,976.84 an ounce after touching their highest since April. US gold futures gained 2.6 per cent to settle at $1,973.50, according to a Reuters report.
It was up more than $70 in a day in the international market, the Zee Business report said.
The US banks' fiasco stoked systematic risk threat which led to a sharp decline in the yields as safe haven instruments including Gold rallied sharply in the last few days, according to Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas.
The US markets on Friday closed in the red as the Dow Jones Industrial Average fell 384.57 points, or 1.19 per cent, to 31,861.98, the S&P 500 lost 43.64 points, or 1.10 per cent, to 3,916.64 and the Nasdaq Composite dropped 86.76 points, or 0.74 per cent, to 11,630.51.
Over the last two weeks, the S&P Banking index and the KBW Regional Banking index plunged by 4.6 and 5.4 per cent, respectively, their largest two-week drops since March 2020.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
GAIL share price target: Should you buy, sell or hold GAIL shares? Here's what brokerages make of PSU's Q4 results
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
09:00 AM IST