Gold price today: Yellow metal hits life-time high; may reach Rs 49000-mark by Friday, expert says

Bettering its own performance in the intraday trading, gold price today attained a life-time high of Rs 48,589. The August Gold Futures in the morning had attained a life time high of Rs 48,333. Apart from today, there are two more trading sessions in this week and the yellow metal will likely reach a target price of Rs 48,800 – Rs 49,000 per 10 gram, according to Senior Technical Analyst Anuj Gupta.

Exuding confidence over this precious metal, Gupta who is a Deputy Vice President, Commodity and Currency Research at Angel Broking, said that the indicators are only looking positive from here. He further said that he expects Gold price to cross the 50000 mark by Diwali.

At 7:10 pm, the August Gold Futures were trading at Rs 48168, down by 0.13 per cent from the previous close of Rs 48232.  

Calling it a safe investment bet, Gupta said that the prices are likely to go north amid geo-political tensions and the prevailing coronavirus situation.

He said that Gold ETFs and Sovereign Gold Bonds (SGB) were good instruments to put money on.

As for international prices, Gupta said that Gold may test USD 1780- USD 1790 levels this week, Gupta said.

Gold prices climbed to their highest level in nearly eight years on Wednesday, as demand for the safe-haven asset was boosted by worries over a surge in coronavirus infections and hopes of more stimulus measures to combat the economic blow. Also helping gold`s appeal, the dollar index hovered near a more than one-week low. Central banks across the globe have taken aggressive stimulus measures and kept interest rates low helping gold prices surge more than 16 per cent this year.

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Spot gold was up 0.2 per cent at USD 1,769.76 per ounce as of 0234 GMT after touching USD 1,773, its highest level since October 2012 in early Asian trade. US gold futures rose 0.2 per cent to USD 1,785.80.  

Inputs from Reuters