Gold’s futures contracts on Thursday continued to rise on the Multi-Commodity Exchange (MCX) and achieved new high of Rs 47,000 per 10 gram.
The yellow metal price hit the new milestone of late as other asset classes including the stock markets remain subdued amid the coronavirus crisis and the nationwide lockdown. Global gold prices have also been surging off late.
Currently, the June contract of gold on MCX is at Rs 46,975 per 10 gram, higher by 0.57 per cent from its previous close.
During the days’ trade, the yellow metal achieved an all-time high of Rs 47,030 per 10 gram.
On Wednesday, gold gained momentum and crossed the Rs 46,700 level per 10 gram in futures market.
Spot gold trade is shut in India amid the nationwide lockdown, but with the extension of the lockdown and further economic concerns and uncertainty in other asset classes, investors are likely to move more towards gold and futures of the yellow metal are likely to surge further, analysts said.