Gold price glitters at record high of Rs 48,289 per 10 gm; silver rise to Rs 49,000 levels

Gold price on Monday hit a new high of Rs 48,289 per 10 gm at the Multi Commodity Exchange (MCX). Silver too continued to climb and reached around Rs 49,000 level.

According the Zee Business TV report, this rise in bullion was because of the equity markets witnessing the Coronavirus beating.

Gold price on Monday hit a new high of Rs 48,289 per 10 gm at the Multi Commodity Exchange (MCX). Silver too continued to climb and reached around Rs 49,000 level. According the Zee Business TV report, this rise in bullion was because of the equity markets witnessing the Coronavirus beating. The report says that during the COVID-19 spread, gold and silver emerged as investors haven and because of this, people are investing heavily. The report said that there might be some correction in the gold price but it should be seen as profit-booking instead of any heavy selloff.

Highlighting the returns that gold and silver have given, the Zee Business TV reported, "In the last three months, gold has given around 16 per cent returns while silver has given around 20 per cent returns in the same period." The report said that in the last three months, equity market has been under pressure due to the Coronavirus spread and heavy selloff has happened in global equity markets. Due to this, investors have moved towards bullion, especially gold and silver that helped both bullion to climb to record high.

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The report added, "The global economy is going through an uncertain phase where investors are not sure about which direction the markets will go. In such a scenario, they have found gold and silver as a safe bet for their investment." The report said that in near future, there is no such clear evidence of global equity market recovery being visible. So, in coming times also, gold and silver are expected to remain bullish. Any dip in these metal prices should be seen as profit-booking not a correction or selloff.

Gold price on Tuesday fell below the Rs 48,000 levels to Rs 47,938 as it was bound to witness profit-booking after climbing to its record high of Rs 48,289 per 10 gm levels.

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