Gold, silver rule high on Indian futures trade market

Riding positive indicators from markets abroad, gold traded on a new record high on the futures trade market in India.

It traded at Rs 45,724 per 10 gm on MCX even as silver too was on strong wicket.

The high gold price in international market continued for the fifth consecutive day. On Comex, it rose to a seven-year high.

On Multi-Commodity Exchange (MCX), gold prices for June was trading Rs 1515 (3.47 per cent) higher at Rs 45,237 per 10 gm in the morning compared with earlier session.

Angel Broking Deputy Vice President Anuj Gupta said that the high gold price was expected to continue on a high due to investors interest in precious metals in view of economic uncertainties.

Silver was trading on the MCX for Rs 43,275 per kg, an increase of Rs 2052, in the first session. It opened at Rs 42,871 and went up to Rs 43,532.

In the international future trades markets, gold was trading on Comex at 1,742.20 dollars to an ounce, which was the second highest since October 18 when it was 1,749.10 dollars.

Kedia Advisory Director Ajay Kedia said the high price was due to the fact that gold was seen as a safe investment.

Gold was selling for June contract on Comex at 1,711.70 dollars, an increase of 17.80, per ounce. It went up to 1,742 dollars, the highest for seven-and-a-half years.

Silver for May contract was selling at 15.55 dollars per ounce, an increase of 2.56 dollars.

Market experts said gold prices could touch 2,000 dollars. In Indian market, it could go up to Rs 50,000 per gm in the futures market.

SEE ALSO: Sensex and Nifty rally 4% after positive cues from global markets