Despite the prevalence of economic uncertainty, prices of gold hit a lifetime high in Indian commodity market on Wednesday. Gold prices surpassed the Rs.50,000-mark and further surged to Rs.50,010 per 10 grams at Multi-Commodity Exchange, thanks to high buying sentiment, weak currency, and poor show in share market.
Earlier this month, it had touched an all-time high at Rs 49,348 per 10 gm. Now, gold futures have touched a peak at Rs 50,060 after an opening price of Rs. 49,931 per 10 gm.
Overseas spot gold prices shot up by 1.3% to $1,865.81 an ounce. Stimulus measures announced by various countries and a weak dollar have kept the demand for gold high. Gold is considered a safe investment during the Coronavirus crisis.
Silver futures in the domestic market too gained 6 per cent to trade at Rs 60,990 per kg.