Sunday, December 3, 2023
  • CONTACT US
  • ABOUT US
  • TERMS OF SERVICE
Kashmir Glacier
  • News
    • Kashmir
    • Jammu
    • Ladakh
  • India
  • World
  • Sports
  • Business
  • Opinion
    • Editorial
    • Interview
  • Health
  • Weekly Edition
  • ePaper
No Result
View All Result
Kashmir Glacier
  • News
    • Kashmir
    • Jammu
    • Ladakh
  • India
  • World
  • Sports
  • Business
  • Opinion
    • Editorial
    • Interview
  • Health
  • Weekly Edition
  • ePaper
No Result
View All Result
Kashmir Glacier
No Result
View All Result
Home Business

Gold hits record high, crosses Rs 50,000 mark

News Desk by News Desk
July 22, 2020
in Business, Latest News
0
Gold hits record high, crosses Rs 50,000 mark
0
SHARES
61
VIEWS
Share on FacebookShare on TwitterWhatsApp

Srinagar: As economic uncertainty continues in the wake of the rising number of coronavirus cases, gold futures on the Multi-Commodity Exchange (MCX) on Wednesday touched a new high and neared the Rs 50,020 per 10 gram mark.
On MCX, August gold futures rose 1% to a new high of Rs 50020 per 10 gram. This is the first time gold prices in India have touched Rs 50,000 for the first time in futures market. September silver futures on MCX jumped 6.6% to Rs 61,130 per kg.
The steady demand for the yellow metal continues as other assets classes including equities and properties are not doing well amid the economic slowdown.
Further, the highly unpredictable economic situation makes investors move towards the safe haven asset.
A recent report by the World Gold Council (WGC) said that with investors looking at safer assets amid the Covid-19 pandemic, investment in gold is likely to make up for the fall in consumption demand for the precious metal.
In global markets, spot gold prices rose 1.3% to $1,865.81 an ounce, the highest in almost nine years. A softer US dollar, surging coronavirus cases across the world and expectation of more stimulus measures lifted prices of precious metals, including gold and silver. Spot silver prices climbed as much as 7.2% to $22.8366 an ounce, the highest since 2013.
Silver has surged on expectations of a rebound in industrial activity as hopes of vaccines rise.
The report titled ‘Gold Mid-Year Outlook 2020’ noted that in the current global economic environment, three factors are supportive of investment demand for gold — high risk and uncertainty, low opportunity cost and positive price momentum.
“Additionally, we expect investors to turn to gold as a means of hedging as we have seen in the first half of this year,” it said.
Like the money market and high-quality bond funds, gold benefited from investors’ need to reduce risk, with the recognition of gold as a hedge further underscored by the record inflows seen in gold-backed ETFs, according to the WGC report.

  • Facebook
  • Twitter
  • email
  • Print

Share this...

Share this:

  • Facebook
  • WhatsApp
  • Twitter
  • Telegram
Previous Post

Screening of non-locals:Yatra Camp in Srinagar is being converted into Covid Screening Centre

Next Post

Govt. has failed to harness solar power potential: Mohammad Ashraf Mir

News Desk

News Desk

Related Posts

Space Science: ISRO’s Manned Mission – Gaganyaan
Kashmir

Space Science: ISRO’s Manned Mission – Gaganyaan

by Kashmir Glacier News Desk
December 2, 2023
Two-day Regional Conference on Good Governance Practices concludes at Srinagar
Kashmir

One terrorist killed in ongoing Pulwama encounter

by Kashmir Glacier News Desk
November 30, 2023
Lt Governor launches new portal of Department of Information & Public Relations
Kashmir

Lt Governor launches new portal of Department of Information & Public Relations

by Kashmir Glacier News Desk
November 30, 2023
‘Resolve grievances in time-bound manner: LG Manoj Sinha
Kashmir

‘Resolve grievances in time-bound manner: LG Manoj Sinha

by Kashmir Glacier News Desk
November 30, 2023
Srinagar encounter: Firing going on intermittently
Kashmir

Gunfight breaks out in Arihal Pulwama: Police

by Kashmir Glacier News Desk
November 30, 2023
Next Post
Farooq Abdullah not a leader, PDP set to win Srinagar: Ashraf Mir

Govt. has failed to harness solar power potential: Mohammad Ashraf Mir

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Farooq meets Piyush Goyal

Centre can take up Kashmir issue with Hurriyat: Farooq

January 11, 2019
World Book day celebrated at Srinagar, Kupwara

World Book day celebrated at Srinagar, Kupwara

April 23, 2019

Don't miss it

Space Science: ISRO’s Manned Mission – Gaganyaan
Kashmir

Space Science: ISRO’s Manned Mission – Gaganyaan

December 2, 2023
Two-day Regional Conference on Good Governance Practices concludes at Srinagar
Kashmir

One terrorist killed in ongoing Pulwama encounter

November 30, 2023
Lt Governor launches new portal of Department of Information & Public Relations
Kashmir

Lt Governor launches new portal of Department of Information & Public Relations

November 30, 2023
Lt Governor addresses Amar Ujala’s Rising J&K Conclave at Jammu
Jammu

Lt Governor addresses Amar Ujala’s Rising J&K Conclave at Jammu

November 30, 2023
‘Resolve grievances in time-bound manner: LG Manoj Sinha
Kashmir

‘Resolve grievances in time-bound manner: LG Manoj Sinha

November 30, 2023
Srinagar encounter: Firing going on intermittently
Kashmir

Gunfight breaks out in Arihal Pulwama: Police

November 30, 2023

Facebook Page Like

Follow me on Twitter

My Tweets

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 42,501 other subscribers

© 2021 Kashmir Glacier - Premium news & magazine theme by GITS.

No Result
View All Result
  • News
    • Kashmir
    • Jammu
    • Ladakh
  • India
  • World
  • Sports
  • Business
  • Opinion
    • Editorial
    • Interview
  • Health
  • Weekly Edition
  • ePaper

© 2021 Kashmir Glacier - Premium news & magazine theme by GITS.

Join WhatsApp