Home >Markets >Commodities >Gold prices inch higher, approach record highs; silver rates up

Gold prices in India today edged higher to be back near record highs. On MCX, August gold futures were up 0.07% to 34,908, after rising to 34,928 at session high. Last week, gold futures had hit a record high of 35,145. Similarly, October gold futures were up 0.06% to 35,265. The silver contracts on MCX also moved higher, rising 0.54% to 38,833. In global markets, gold prices also edged higher as investors awaited US retail sales data that could serve as an indicator of the strength of the world's largest economy amid lingering concerns over global economic slowdown.

In global markets, spot gold was up 0.1% at $1,415.19 per ounce while US gold futures were up 0.2% at $1,416.60 an ounce.

Gold hit $1,438.63 for the first time in six years last month, supported by expectations of a rate cut by US Federal Reserve amid concerns about the global economy. Markets have priced in a 25-basis-point cut by the Fed at its meeting at the end of this month, say analysts.

Analysts say that gold is likely to remain in a narrow range of $1,404-$1,421 per ounce, and an escape could suggest a direction.

Among other precious metals, silver dipped 0.2% to $15.35 per ounce and palladium fell 0.3% to $1,562.99.

According to trade data released on Monday, gold imports into India increased 13% to $2.7 billion in June.

However, gems and jewellery exports continued to face headwinds with June shipments plunging 16.26% due to the renewed bout of US-China trade wars.

Some jewellers say that higher gold price and an import duty hike in Budget may hurt demand of gold in Indian markets. (With Agency Inputs)

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