Gold at all-time high of Rs 46,879 on fear of a second Covid-19 wave

If 3% GST is considered, price is just Rs 1,715 away from Rs 50,000 per 10 gram; Silver hits Rs 45,035 a kg, up Rs 2,050 from yesterday

Standard gold closed at a new all-time high of Rs 46,879 per 10 gram in Mumbai today. The previous peak was Rs 46,740 a month ago on April 16. The metal is trading at about $1,745 an ounce in the international market, which is just $155 away from an all-time high. Today’s jump in Mumbai was Rs 646 per 10 gram.

If three per cent GST is considered, the price is just Rs 1,715 away from the Rs 50,000 per 10 gram mark. 

In the retail market, gold coins of small denominations are already selling beyond Rs 50,000 per 10 grams in stores wherever they have opened. Online sales have also been recorded at over Rs 50,000 since Akshaya Tritiya.

With an increasing number of central banks talking of negative interest rates and rising fears of a second coronavirus wave globally, traders are moving to buy precious metals like gold, silver. 

The fear of a second wave was exacerbated by 4.5 million infections in the first so-called wave and no sign of a vaccine.

Silver has also risen significantly to Rs 45,035 per kg, up Rs 2,050 from yesterday.