New Delhi: Gold prices continued its record-breaking rally in Indian markets with prices on Wednesday touching yet another high.
On MCX, October gold futures were up 0.25 percent to Rs 54,560 per 10 gram. Similarly Silver futures on MCX also advanced very close to Rs 70,000 level. It rose over 6 percent to Rs 69,999 per kg.
Worries over global economic fallout from mounting COVID-19 cases have led to the sharp rally in gold prices, analysts believe.
Spot gold prices rose $18.5543, or 0.94%, to $1,995.25 an ounce. Earlier, spot gold was bid at $2,000.11 an ounce, a Reuters report said. Bullion has soared more than 30% so far this year, supported by lower interest rates and safe-haven buying on concerns Federal Reserve policy and government stimulus are debasing the currency.
The bond market, which is at loggerheads with the equity markets over stimulus and its role in the economy, is skeptical about the prospects of a rebound in economic growth in the third quarter, Reuters added.
On Wednesday, oil prices edged higher, with Brent on track for a five-month high, on hopes for more stimulus and signs America may be making progress on controlling the coronavirus spread. Brent crude futures rose $0.29 to $44.44 a barrel. U.S. crude futures gained $0.59 to $41.6 a barrel.
