TIL Desk/Business/Mumbai/ As economic uncertainty continues in the wake of the rising number of coronavirus cases, gold futures on the Multi-Commodity Exchange (MCX) on Wednesday touched a new high and neared the Rs 50,000 per 10 gram mark. The August contract on MCX earlier in the day surged to a new high of Rs 49,996 per 10 gram.
Currently, the contract is trading at Rs 49,872.00, higher by Rs 345 or 0.70 per cent from its previous close. The steady demand for the yellow metal continues as other assets classes including equities and properties are not doing well amid the economic slowdown. Further, the highly unpredictable economic situation makes investors move towards the safe haven asset.
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.
