Gold prices in India touched record highs of Rs 56,191 level on the Multi Commodity Exchange (MCX) on Friday silver prices also crossed above 77,900 level. However, yellow metal prices eased from highs on profit booking and muted trend in international spot prices, analysts said.

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At 11:25 am, gold futures for October delivery rose 0.06 percent to Rs 55,880 per 10 grams as against the previous close of Rs 55,845 and opening price of Rs 55,965 on the MCX. Silver futures traded 0.84 percent higher at Rs 76,690 per kg. The prices opened at Rs 77,949 as compared to the previous close of Rs 76,052 per kg.

“The gold prices have seen a massive rally in recent days on strong fundamentals. Tough the bias remains positive, a technical correction on weekend profit booking cannot be ruled out. Also, markets awaited further policy response as US Democratic leaders and White House officials continued their talks to try to hash out a next wave of relief to help the economy,” said Ajay Kedia, director, Kedia Commodity Comtrade.

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International gold smashed a record high on Friday as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade, a Reuters report said.

Spot gold was up 0.3 percent at $2,069.78 per ounce after hitting an all-time high of $2,072.50 in early trade. It has added 4.7 percent so far this week in what would be its ninth straight weekly gain. US gold futures rose 0.6 percent to $2,081.60.

Silver too continued its stellar run. It rose as much as 3.1 percent to $29.84, adding nearly 19 percent so far this week in what would be its best week since 1987.

“On MCX, gold prices may find support at Rs 55,500 level, breaching which prices may test at 53,800 level. On the higher side, resistance is placed at Rs 56,250 level,” Kedia said.

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First Published:Aug 7, 2020 11:36 AM IST