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Gold futures at newer highs on MCX, touches 50,700 –Check details

New Delhi: Gold futures touched newer heights on the the Multi-Commodity Exchange (MCX) by touching Rs 50707, mark per 10 grams silver prices climbed touched the day’s high of Rs 62400 per kg.

At 3.11 pm on the Multi-Commodity Exchange (MCX), August gold contracts were trading 0.97 percent higher at Rs 50,565 per 10 gram. September futures for silver were trading 1.14 percent higher at Rs 61,809 per kg.

Gold steadied near a nine-year peak on Thursday as an escalation in U.S.-China tensions bolstered its safe-haven appeal, with investors also looking for a hedge against possible inflation as more stimulus is rolled out to support pandemic-hit economies, a Reuters report said.

Spot gold was up 0.1% at $1,874.21 per ounce by 0646 GMT, after declining earlier in the session on mild profit-booking after prices hit their highest since September 2011 at $1,876.16. U.S. gold futures rose 0.6% to $1,875.50.

A Reuters poll showed the metal could push towards record highs over the next 18 months as the crisis encourages investors to hoard it as a hedge against possible turmoil in wider markets.

With Reuters Inputs

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