Gold futures hit fresh record of Rs 47,000 on MCX

Mumbai: Futures contracts of gold continued to surge on the Multi-Commodity Exchange (MCX) on Thursday and hit a new high of Rs 47,000 per 10 gram.

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.

Earlier in the day it touched an all-time high of Rs 47,030 per 10 gram.

The demand for gold has risen off 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.

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.

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