Gold prices touched Rs 50,000 per 10 gm : India

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2020-06-25 04:54:31
As gold prices in Delhi crossed the Rs 50,000 mark for 10 grams, driving this surge is the frenzy in the gold trading markets in London, New York and Switzerland as record demands for delivery of gold are coming, unprecedented in recent times. In a blog, Ronan Manly, precious metals analyst with BullionStar has flagged some of the unsual going ons in the London and New York markets. There have been large trading losses at bullion banks, for example HSBC, Manly said. The gold borrowing rates have been rising, bullion banks are scrambling to secure physical gold to send to New York, there have been sharp drops in COMEX gold futures open interest (OI), huge volumes of gold bar exports from Switzerland to New York, record gold inventory build-ups in COMEX approved vaults and record numbers of COMEX gold contracts moving to delivery (June and April). Trend watcher Ritesh Jain said in a tweet, “Something which has not happened in the history A stunning 2.8 M oz of gold was marked for delivery in last month contract… equating 88 tonnes worth $4-5B. Somebody is really taking a big call that USD will be devalued significantly.”
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