Indian Gold August Futures rose on June 22 tracking positive trend seen in the international spot prices which rose to a one-month high as rising coronavirus infections intensified concerns over a delay in global economic recovery and fuelled investors to seek the safe-haven metal.
The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period, said a Reuters report. Gold is used as a safe investment during times of political and financial uncertainty.
On the Multi-Commodity Exchange (MCX), August gold contracts were trading higher by 0.66 percent at Rs 48,253 per 10 gram at 09:30 hours. July futures for silver were trading 1.1 percent higher at Rs 49,172 per kg.
Gold and silver prices rebound last week in the international as well as domestic market. International Gold closed above $1,750 per troy ounce and silver also breached crucial resistance of $17.84 per troy ounce.
Even in the domestic market, Gold gave a fresh breakout and settled with gains of 1.27 percent on a weekly basis per 10 gram. Silver prices also settled with 1.98 percent weekly gains and settled at Rs 48,636 per kilogram.
Experts feel that the precious metal is likely to remain volatile, but as long as it holds above Rs 47,800, traders could deploy buy on dips strategy for a target of Rs 48,300-48,600.
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