Gold price continues to skyrocket! Yellow metal has hit yet another life-time high. The August Gold Futures today attained a life-time high of Rs 48982 on MCX with some correction in the later part of the day. At around 8:05 pm, gold futures were trading at Rs 48161, down by almost 1.2 per cent from the previous close.

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Senior technical analyst Anuj Gupta said that the outlook for the yellow metal remains positive in the near term. It may trade between Rs 49000 and Rs 49200 by the end of Friday. As for the international prices, Gupta, said that the precious metal may test levels between USD 1810 and USD 1820. Gold Futures were trading around USD 1775 on Nymex at the time of the filing of the story.

Gupta who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that Gold Futures and ETF were still the best bet as far as investment in Gold instruments is considered.

He further said that the coronavirus situation may further strengthen bullion as people would try to hedge their investments. Gold is traditionally considered as a safe haven for investments during crisis time. With coronavirus cases seeing an uptick, especially in the US and speculations of another lockdown doing the rounds, position of gold will only consolidate further, he said.

Internationally, gold price is near an eight-year high, trading at around the USD 1800/oz, IANS reported. Nish Bhatt, Founder & CEO, Millwood Kane International, said that gold prices are up due to global uncertainty, and the rise in the number of new Covid-19 cases, it further reported.

Gold prices have rallied nearly 24 per cent this year, and had the best quarter (April-June) in more than four years in terms of price rise.

Bhatt said that easy liquidity by central banks across the globe has pushed interest rates down, making gold an attractive investment bet which is also considered a hedge against inflation and a safe haven in times of uncertainties.

Meanwhile, Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services, said the market sentiments are cautious on fast spreading of coronavirus around the global and concerns over a second wave of infection. Also, there are worries over the reigniting US-China trade war, giving a boost to safe haven demand for gold.

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Gupta said currently the recent high in gold is acting as a crucial resistance and "we may see small correction in prices till Rs 47,500/47,000 per 10 gm.