Gold touches new high as prices cross Rs 54,500, silver nears Rs 70,000

Continuing the upward trend, Gold prices on Tuesday breached the Rs 54,500-mark as Gold futures on MCX touched crossed a new high.

The yellow metal is currently being traded at Rs 54,560 per 10 gram for October Futures, 0.25 per cent more than the previous session.

Similarly, Silver neared the Rs 70,000 level with September Future being traded at Rs 69,999 per kg.

In the international market, Gold scaled a new high on Wednesday as a weaker dollar and falling bond yields burnished its safe-haven appeal, while shares were mostly lower as investors baulked at the ballooning cost of the coronavirus pandemic.

Spot gold jumped to a record high of $2,030.72 per ounce on Wednesday as bond yields hit new lows. Prices have soared about 33% this year.

Worries over global economic fallout from mounting COVID-19 cases have led to the sharp rally in gold prices, analysts believe.