Bullion price outlook: Gold, Silver hit a new lifetime high today; know where levels will go from here!

The MCX August Gold futures today attained a new lifetime high of Rs 52,127 per 10 gram beating all expectations of a weekly outlook on the yellow metal as it surpassed the Rs 52,000 mark on Monday. At 2:30 pm the Gold Futures were trading at Rs 52,066 on the MCX, up by over 2 per cent from the previous close

Senior Technical Analyst Anuj Gupta expects the yellow metal to test Rs 53,000 mark during this week while for silver he said that Rs 68,000 was very much in sight now. Source: Reuters

The MCX August Gold futures today attained a new lifetime high of Rs 52,127 per 10 gram beating all expectations of a weekly outlook on the yellow metal as it surpassed the Rs 52,000 mark on Monday. At 2:30 pm the Gold Futures were trading at Rs 52,066 on the MCX, up by over 2 per cent from the previous close.

Another bullion metal silver also continued is strong show, going up by over 5.6 per cent around this time. The MCX September Futures were trading at Rs 64,625. The intraday high for this precious metal was Rs 64999.

Senior Technical Analyst Anuj Gupta expects the yellow metal to test Rs 53,000 mark during this week while for silver he said that Rs 68,000 was very much in sight now.

The rally in both gold and silver will continue strong he said.

Reiterating his point, Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that the weakening dollar and tensions brewing between the top two most powerful economies US and China may further strengthen the position of these precious metals.

On likely triggers, Gupta said that the weakness in dollar is further firming up the prices of the bullion. Moreover, US treasury yields dipping last Monday is another reason why the precious metals are gaining he added. As cases of the coronavirus in the US continued to rise and fiscal stimulus shores up in the economies, gold and silver will further become strong, he said.

As for the international prices, he expects the gold to trade between USD 1980 and USD 2000 while silver futures at USD 26.

Gold surged to record highs on Monday as an intensifying U.S.-China row and a weaker dollar sent investors scurrying to the safety of bullion to hedge against the risks to a global economy already reeling from the COVID-19 pandemic. Spot gold rose 1.6 per cent to USD 1,931.50 per ounce by 0627 GMT after hitting a record high of USD 1,943.93. US gold futures gained 1.6 per cent to USD 1,927.50, Reuters reported.