Gold hits Rs 51,000 in India for every 10 gm

This week, gold's hitting new heights. On MCX, the gold futures of August rose 2 per cent or Rs 1,000 to a record high of Rs 52127 per 10 grams, following a global rally. Today's silver rates rallied, too. Silver futures on MCX rose 5.5 percent to R 64999 per kg, or Rs 3,500. Gold prices had risen 4 percent in the previous week, while silver had soared 15 percent.

Last week, US Secretary of State Mike Pompeo set fresh goals for China, saying that Washington and its allies would use "more innovative and assertive ways" to force the Chinese Communist Party to change their ways.

Gold futures touched an all-time high on commodity bourses of Rs 51,833. Gold also reached the daytime record high of Rs 64,849.

The dollar dropped to a nearly two-year low against major currencies as a standoff between Washington and Beijing showed no signs of easing, with both sides ordering the Chengdu and Houston consulates to close.

Apart from that, platinum fell 1.4 per cent to $926.58 and palladium fell 0.5 per cent to $2230.16.
Gold traders will watch Fed policy makers' stance when they meet later this week. Expectations are that they will keep interest rates close to zero as investors will watch for any hints about policy changes as well.