This Article is From Aug 19, 2020

All You Need To Know About Latest Gold And Silver Rates

Gold, Silver Price: Analysts say gold is headed for higher levels due to the uncertainty around the coronavirus pandemic and its impact on world economy.

All You Need To Know About Latest Gold And Silver Rates

Gold, Silver Rate Today: The price of gold jewellery ended at Rs 53,815/10 grams on Tuesday

While gold has given up some of the recent gains, which pushed the global spot rate above the $2,000 per ounce and domestic futures above Rs 56,000 subsequently, it is not far from its all-time highs levels. As of Tuesday's closing price, Multi Commodity Exchange (MCX) gold futures are less than 5 per cent away from a record Rs 56,191 registered this month. The value of gold that you buy in physical form keeps changing, but the yellow metal continues to hold a special place among many investors.

Here are 10 things to know about the latest gold and silver prices:

  1. Multi Commodity Exchange (MCX) gold futures ended  with a gain of Rs 298 - 0.56 per cent - at Rs 53,573, having risen to as high as Rs 53,999 during the session. The derivatives contract has a delivery date of October 5.

  2. Silver futures (September 4) settled at Rs 69,575, up Rs 420 or 0.61 per cent from their previous close, after climbing to as high as Rs 71,350 during the session.

  3. Globally, spot gold rose on Tuesday slipped below the key $2,000-per-ounce mark after the US equity benchmark S&P 500 touched a record high. It was last seen trading 0.7 per cent higher at $1,999.76 per ounce, having earlier registered a one-week high of $2,014.97 per ounce.  

  4. Silver climbed 1.4 per cent to $27.78 per ounce, after rising as much as 3.8 per cent during the session.

  5. The price of gold jewellery settled at Rs 53,815 per 10 grams (excluding GST) on Tuesday and that of silver jewellery at Rs 69,998 per kilogram, according to Mumbai-based industry body India Bullion and Jewellers Association.

  6. Analysts await minutes from the US central bank's last meeting, due on Wednesday, for near-term cues for the precious metal.

  7. Gold has surged 32 per cent this year, helped by a rush to perceived safety in the yellow metal, often considered a hedge against inflation and currency debasement.

  8. Back home, MCX gold futures had on August 7 registered an all-time high of Rs 56,191 tracking a rally in precious metals globally, having broken a series of records in the recent past. 

  9. That was within 25 days of MCX gold futures touching the Rs 50,000 mark for the first time ever.

  10. Other than physical gold, there are a number of ways to invest in gold, such as exchange traded funds, gold funds managed by fund managers (similar to mutual funds), Sovereign Gold Bonds and gold derivatives (futures & options). (Also Read: How To Invest In Gold)

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