Gold prices hit record high

On Tuesday, gold prices in the country hit a new high of ₹45,724 per 10 gram in futures market, surging ₹2,000 per 10 gram. This has been attributed to stronger dollar, which weighed against the precious metal. Silver futures on MCX also rose 6% to ₹43,650 per kg.

Most of the Asian equity markets were higher yesterday, after a strong rally overnight on Wall Street on on signs of easing coronavirus deaths. In other global markets, however, spot gold rates dipped 0.2% at US$ 1,657.67 per ounce after rising to a four-week high earlier in the session.

According to analysts, weak physical demand in many parts of the world due to lockdowns will weigh on gold at higher price levels. Indian gold imports plunged nearly four-fifth in March to lowest in over six years as record domestic prices and a lockdown impacted retail demand. Experts are anticipating gold prices to remain volatile in the coming days.