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HYDERABAD: Fears of escalation in the West Asia conflict sent global gold prices hurtling past the $2,400/ounce mark for the first time to a record high of $2,432 late on Friday evening. The yellow metal hit a new high of Rs 73,958/10gm for June futures on the Multi Commodity Exchange of India (MCX).
Prices of the yellow metal were trading at record highs of over Rs 73,350 (24K) in local markets such as Delhi on Friday morning.The Indian Bullion & Jewellers Association website was quoting prices of Rs 73,174 (24K-999 purity) in the evening.
“Geopolitical uncertainty, central banks’ buying, and money managers’ bullish bets are all contributing to the bullish momentum in precious metals,” said Saumil Gandhi, senior analyst-commodities, HDFC Securities.
Prices of the yellow metal were trading at record highs of over Rs 73,350 (24K) in local markets such as Delhi on Friday morning.The Indian Bullion & Jewellers Association website was quoting prices of Rs 73,174 (24K-999 purity) in the evening.
“Geopolitical uncertainty, central banks’ buying, and money managers’ bullish bets are all contributing to the bullish momentum in precious metals,” said Saumil Gandhi, senior analyst-commodities, HDFC Securities.
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