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Capital Drilling Plc

Gold & silver prices back near record highs

Gold and silver prices rose closer to record highs in Indian markets today, bucking global weakness. A sharp fall in rupee’s value against the US dollar pushed gold and silver prices higher in Indian markets. On MCX, gold futures rose to ₹39,109 while silver futures on MCX rose 0.11% to ₹48,682 per kg, inching closer to its life-time high of ₹48,789. Prices of gold and silver contracts had surged 1% and 2% respectively on Monday amid a global uptick. Gold futures had hit a fresh life-time high of₹39,425 last week.

In global markets, gold prices slipped 0.3% to $1,525 an ounce after hitting a six-year high of $1,554.56 last week. Gold prices are up around 20% so far this year amid inflows into gold-backed assets. US-China trade war, volatility in risk assets like equities, and central banks signalling a looser monetary policy have boosted the safe-haven appeal of gold. Analysts at Goldman Sachs and UBS Group say gold prices are likely to advance further as demand for ETFs rises.

Capital Drilling Ltd (LON:CAPD) provide complete exploration and production drilling solutions to customers within the global minerals industry, with a focus on the African markets& gold mining.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.