Gold price today hits HISTORIC high of over Rs 50,000! Set to keep skyrocketing, says expert

Gold price today at the Multi Commodity Exchange (MCX) hit its life-time high of Rs 50,085 per 10 gm while the silver price today breached Rs 61,000 levels and hit Rs 61,280 per kg mark in the early morning trade session. According to commodity experts, this rise in safe haven metals is because of the one-sided buying done globally by investors as dollar returns have become almost zero and other investment tools are lying in COVID-19 limbo. 

This momentum is unlikely to stop they said and added that in next three to four months, yellow metal may hit Rs 55,000 per 10 gm levels while the white precious metal may go up to Rs 70,000 per kg mark.

Speaking on the reason for rise in gold and silver prices, Prithviraj Kothari, National President at India Bullion and Jewellers Association (IBJA) said, "The US dollar has gone weak and its return has gone almost zero in the US while the gold has given around 10 per cent returns in the US market. Hence, gold and other bullion metals have become an investor's haven as other investment tools are showcasing gloomy picture due to the COVID-19 outbreak." Kothari said that globally there is one-sided buying of both gold and silver is taking place and this rally is because of the contribution of all these reasons.

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On outlook of gold and silver, Kothari said, "In the next three to four months, gold price is expected to hit Rs 55,000 per 10 gm while the silver price may go up to Rs 70,000 per 10 gm."

Highlighting the gold and silver price in the international market, Anuj Gupta, Deputy Vice President — Currency & Commodity Research at Angel Broking said, "In the international market, gold price is trading in the range of $1,820 to $1,880. On the breaking of this levels, we can expect it to touch $1,920 per ounce levels. In silver, the international price has touched around $22.5 per ounce which is expected to go up $26 per ounce." He expected the gold and silver price rally to continue for the current quarter.