Gold and silver prices Wednesday skyrocketed further, with the yellow metal crossing the Rs 55,000 per 10 gram mark on the Indian markets following a global rally in the precious metals. Gold futures hit a new high of Rs 55,390 per 10 g on the MCX, while silver futures surged to Rs 72,654 per kg. In global markets, gold prices had hit a new high by rising above the psychological $2,000 mark. Analysts said a weaker dollar, expectations of more stimulus and rising coronavirus cases boosted the safe-haven demand of gold. Gold and silver have been the best performing assets so far this year with 40 per cent and 50 per cent returns, respectively. According to analysts, slowing jewellery demand is more than replaced by investor demand in ETFs as well as coin and bar sales.
