A recent report by the World Gold Council (WGC) said that with investors looking at safer assets amid the Covid-19 pandemic, investment in gold is likely to make up for the fall in consumption demand for the precious metal.
Investors have flocked to the metals on surging demand for havens amid a resurgence in virus cases, slowing growth, a weaker United States dollar and negative real interest rates in the US.
Spot gold was up 0.9% at $1,857.86 per ounce by 0232 GMT, after hitting its highest since September 2011 at $1,865.35 earlier in the session.
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"With tension between the United States and China rising, US bond yields continuing to edge lower, and a weaker dollar very much in evidence, the case for higher gold prices remains strong", said Jeffrey Halley, a senior market analyst at OANDA.
The biggest risk factor for gold's rally is that record high prices may further weaken consumer demand in India, says Kotak Securities.
Technical indicators show silver is overbought, suggesting that prices will struggle to move immediately higher.
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He tweeted: "We have already ordered 100 million doses of this vaccine, should it succeed". "We're very encouraged", Hill said . The university is working together with the pharmaceutical company AstraZeneca , and others.
Riding high on its safe haven status, gold continued its bullish trend and touched a new high of ₹50,181 per 10 gm on Wednesday as other investment avenues face uncertainty triggered by the Covid pandemic.
The approval of the European Union stimulus package and steadily improving economic and industrial activity in China, the main source of demand growth of industrial metals, has contributed to this recent optimism, Birch added. Rising coronavirus cases across the USA have weighed on the currency, with investors seeing betting on the healthier economic prospects in Europe and Asia, which have contained the pandemic more effectively.
On the MCX, too, August futures of gold rose as high as Rs 50,085, but cooling down to Rs 49,747 (until 6.30 pm IST). "We expect gold to touch Rs 52000-55000 by year-end while silver may test levels of Rs 72000-75000 by year-end", said Bhavik Patel. Silver's performance this year now exceeds that of gold, which has leapt 22 per cent in 2020 towards record highs above $1,800 an ounce.
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Sitting in restaurants will be prohibited but takeaways and deliveries from restaurants will be allowed. Several people have been interrogated and two, imprisoned, will be tried for direct.