Gold prices surge for 16th straight session, touch all-time high of Rs 57,008 per 10 grams

New Delhi: Gold price soared for the 16th straight session on Friday and touched an all-time high of Rs 57,008 per 10 grams in the national capital.

On Friday, the price increased by Rs 6 to Rs 57,008 per 10 grams.

Silver too continued its upward movement, with the price touching a record-high of Rs 77,840 per kilogram. Silver price jumped by Rs 576 compared to the closing level of Rs 77,264 per kg on Thursday.

In the previous trade, gold had closed at Rs 57,002 per 10 grams. 

Gold hit a record high of $2,075.2 per ounce XAU= before succumbing to profit-taking to slip to $2,063, a Reuters report said. Silver dropped 1.7% to $28.452 per ounce following its rise to a seven-year high of $29.838. Oil prices were little changed, with Brent futures down 0.1% at $45.04 per barrel. 

Gold is likely to hover around $2,020-2,080 an ounce in the near term, Reuters quoting National Australia Bank economist John Sharma said. Elsewhere, platinum dropped 2.1% to $976.72 an ounce and palladium fell 0.6% to $2,208.82.

Gold in the international market smashed a record high as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade, Reuters added.

Analysts believe that international gold and silver are witnessing gains continuously as investors continue to remain buyers of the metals amid worries about recovery in the pandemic-ravaged global economy. 

With Agency Inputs