Home / Markets / Commodities / Gold at new lifetime high globally after 11 years, surge in silver unabated

Gold at new lifetime high globally after 11 years, surge in silver unabated

Experts say those who missed the rally or want to add more gold to their portfolios should buy on dips

Govt stares at high payouts as gold prices double over the last year

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In India, prices are usually determined by the cost of import. Since gold is priced in dollars, rupee depreciation in India keeps prices and returns much higher.

Rajesh Bhayani Mumbai

4 min read Last Updated : Jul 28 2020 | 1:36 AM IST

The international spot gold price hit an all-time intra-day record high of $1,945 an ounce on Monday, breaching the nine-year-old record of $1,921 an ounce, amid rising tensions between the US and China and worsening Covid-19 crisis. The yellow metal was trading around $1,942 at 8.12 IST.

Silver, too, was trading above the $24 an ounce-mark as investors continued to rush towards safe-haven assets.

In Mumbai's Zaveri Bazar, standard gold closed at Rs 52,309 per 10 gram, up from Friday's closing of Rs 50,919. Silver, on the other hand, closed at Rs 64,505 a kg, against Friday's Rs 59,885. On the MCX,

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