Gold prices recently hit a fresh record high of Rs 55,339 per 10 grams on the MCX and $2,056 per troy ounce in the futures market.The so-called safe-haven has been the best performing asset class in 2020, rising nearly 43 percent year-to-date. However, silver managed to outperform gold with a 50 percent rally. In comparison, Nifty is down 9 percent so far in 2020.Prices of the precious made new highs on the back of ample liquidity following the stimulus measures taken by central banks around the world to support the economy ravaged by the coronavirus crisis. Rising tensions between the US and China, geopolitical uncertainty and a fall in dollar further propped up the prices.Close “With the aggressive stance of central banks to push unprecedented amounts of liquidity and keep interest rates lower coupled with reignited trade-war concerns and rising COVID-19 infections and a threat of second wave infections providing a significant hindrance to global economic growth along with lingering geo-political uncertainty provides a convincing fundamental backdrop for continuation of uptrend in both precious metals,” Kishore Narne, Head – Commodity & Currency at Motilal Oswal Financial Services said. related news Natural gas futures up 1.22% ahead of EIA weekly report Silver… Read full this story
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Will gold continue to glitter? Analyst see yellow metal at Rs 68k by year end, silver to follow have 319 words, post on www.moneycontrol.com at August 6, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.