Gold prices soared to touch a fresh lifetime high on the Multi Commodity Exchange (MCX) on Monday after banking crises in the US and Europe triggered a return to haven buying. The yellow metal price on MCX crossed the ₹60,000-mark per 10 grams for the first time during Monday's trade.
MCX Gold futures were trading at ₹60,280 at around 12:55 pm, up by ₹897 or 1.51 per cent. MCX silver prices also rose and were trading at ₹69,100 per kg, up by ₹599 or 0.87 per cent at 1:23 pm.
"Gold prices hitting a fresh high is a sign of slower economic growth and lower interest rates with ample liquidity to help the system steer of the current situation," said Colin Shah, MD, Kama Jewelry.
