Gold prices breach record Rs 97,000/10g level in futures trade

On Monday, gold prices were violated at a level of Rs 97,000 per 10 grams in Futures Trade on Monday, which increased to Rs 2,111, with a high level hit of Rs 97,365 per 10 grams on local demand. Continuing the winning line for the third straight day, the most trading June delivery contract of precious metal increased by 2,111 or 2.22 percent, hitting a record of Rs 97,365 per 10 grams in the evening session on the Multi Commodity Exchange (MCX).
Later, the June contract did a turnover of Rs 2,022 or Rs 2.12 percent per 10 grams of Rs 97,276, with an open interest of 23,060 lots.
Metal August contract rose by Rs 2,104 or 2.19 percent, which reached a fresh peak of Rs 98,000 per 10 grams.
The October contract climbed 2,617 or Rs 2.73 per cent to Rs 98,000 per 10 grams to hit MCX at a high level of Rs 98,600 per 10 grams.
Commodity and currency in LKP Securities in LKP Research Analyst-Commodity and Currency, “, MCX Gold increased its record-breaking rally by increasing its record-breaking rally.
The rally is being supported by increasing tariff tension, increasing concerns on the US economic approach and the US debt crisis. Trivedi said that China is going on purchases from global central banks and institutional investors.
On the global front, Gold Futures extended their bull run, with a jump of US $ 113.6 an ounce, or 3.40 per cent, traded a new all-time high of USD 3,442 per ounce.
According to Kotak Securities, Comex Gold Futures crossed the USD 3,400-Marks for the first time on Monday, mainly raising concerns about global economic recession due to weakening US dollars and increasing US-China trade tension.
US President Trump’s tariff and trade policy uncertainties have ignored global markets, which are leading investors to move away from American property. China has warned the US against economic deals at its expense, and is increasing more stress.
The brokerage firm said in a note, in addition, Trump’s recent criticism by Jerome Powell, chairman of the US Federal Reserve, has contributed to a three-year low of the dollar, making dollars more cheaper.