Gold Price Today, 20 March: Gold prices show upward trend, expected to touch Rs 60000 this week

New Delhi: MCX Gold intraday trade prices at Rs 59,520 per 10 grams on March 20, despite a weak global market. While gold prices are hitting lifetime high, they fell a bit as compared to March 18, on which the metal was priced at Rs 61,580 per 10 grams. Meanwhile, April Gold futures were up by Rs 137 and were trading at Rs 59,561 per 10 grams this morning.

The gold prices are expected to hit their lifetime high this week. The 22-carat gold in Delhi is trading at Rs 54,950 per 10 grams.

As per Anuj Gupta, Vice President of Commodity and Currency Research at IIFL Securities, the MCX Gold prices increased by 5.85 percent and closed at Rs 59,420 last week while in the international market, it increased by 6.49 percent and closed at USD 1988. He added that there were doubts regarding Federal Reserve having enough room to increase interest rates following growing pressure on the economy and the US banks crash. But, safe havens provided a boost to gold.

The metal is expected to touch the Rs 60,000 to Rs 60,500 mark this week. The investors are suggested to keep an eye on the policy formation in the US Federal meeting this week and the rupee prices as compared to the dollar. Currently, USD 1 is equal to Rs 82.63.

Similarly, silver prices dipped a bit as compared to the prices yesterday, but have shown immense growth in the last 10 days. Silver is currently trading at Rs 71,800 per kg as compared to Rs 72,100 yesterday. The price experienced a sharp jump from March 17 to March 18, when it rose by Rs 2,300.