Gold prices rise for fourth straight day, hit record peak

Gold and silver became cheaper in the wedding season the price fell so much

"That has caused a little bit of concerns of another shutdown, which is benefiting gold", said Jeffrey Sica, founder ofCircle Squared Alternative Investments. Prior to this, gold attained a record high on 18 May.

Spot gold was up 0.1% to $1,756.70 per ounce at 1154 GMT.

Now that gold prices internationally trade above $1750 per ounce and if it closes above the levels of $1750 per ounce, there is expected a further pick-up and then there could be seen buying by under-invested hedge funds, which would push yellow-metal prices to $1800 per ounce.

"Policy uncertainty aside, we believe that debasement fears remain the key driver of gold prices in a post-crisis environment such as this", Goldman's analysts said in a note.

Gold rises, regains safe-haven bid as pandemic re-emergence fear jitters
Gold price today: Yellow metal scales 48K mark amid positive global cues

Gold prices jumped to Rs 48,190 from Rs 47,960 per 10 gram, while silver went up to Rs 48,800 from Rs 48,670 per kilogram on Tuesday, according to the Good Returns. The rupee appreciated by around 17 paisa against the dollar during the day with inflows into the equity market. With this, it was seen trending at Rs 48,020 per ten grams. Silver July futures fell almost 0.28 per cent to Rs 48, per kilogram. Gold has become a safe bet for institutional investors with global central banks increasing purchases.

Nine private banks spoken to by Reuters, which collectively oversee around $6 trillion in assets for the world's ultra-rich, said they had advised clients to increase their allocation to gold.

Domestic share markets closed at a three-month high on Monday as domestic regulatory approvals to manufacture COVID-19 drugs lifted pharmaceutical stocks, outweighing the impact of a surge in domestic as well as global coronavirus cases over the weekend. Gold and silver prices also fell globally on Tuesday morning. "Since Unlock 1.0, retail jewellery stores opened in India but very thin activity was reported", said Kumar Jain, director, Umedmal Tilokchand Zaveri, a bullion dealer and jewellery retailer in Zaveri Bazaar.

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