TIL Desk/Business/Mumbai/ Gold futures on the Multi-Commodity Exchange (MCX) reached a new record level on Wednesday as it neared the Rs 55,000 mark. The October contract of gold on the MCX touched an all-time high of Rs 54,910 per 10 gram. It is currently trading at Rs 54,848, higher by Rs 297 or 0.54 per cent from its previous close.
The surge in domestic gold futures continues amid the global economic uncertainty and in tandem with international prices. A recent report by the World Gold Council (WGC) showed that it is the record inflow into gold-backed ETFs (Exchange Traded Funds) which has caused the rally in the prices of the yellow metal.
The consumer demand, however, has hit rock-bottom amid the pandemic. In line with the trend in gold futures, the September contract of silver on the MCX also touched a high of Rs 70,223.00 per kilogram. Currently, it is trading at Rs 70,129 per kg, higher by Rs 332.00 from its previous close.
