"With COVID-19 cases rising in the US, real rates well into negative territory and stimulus ongoing, the environment remains conducive to a higher gold price", MKS PAMP said in a note.
The bullion metal is also getting support from uncertainty on the Hong Kong issue, rising COVID cases and increasing distress in the market.
Make a strategic allocation to gold because it's the counterweight to paper money which is continuing to lose credibility as a store of value, said Mehta.
MCX gold mirrored the Comex gold prices as it surged to its highest in almost eight years, as a spike in coronavirus cases in the United and States and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets, according to Reuters.
"Positive US consumer confidence number also could not dampen gold's rally".
It's not about the rise in the coronavirus cases per se, but how many additional funds are going to be injected into the global economy. The prices opened at Rs 49,445 as compared to the previous close of Rs 49,237 per kg.
Silver prices rose Rs 1,055 to Rs 49,655 per kg from its closing on June 30.
"Currently the recent high in gold is acting as a crucial resistance and we may see small correction in prices till 47500/47000". Gold has proved to be the only asset class in these uncertain times to offer 23 per cent returns in the first half of calendar 2020 and a staggering 41.6 per cent in the last one year. For the August series, the yellow metal touched a low of Rs 39,200 and a high of Rs 48,982. Spot gold hit its highest since early October 2012 at $1,788.96 in early trade while United States gold futures were up 0.3% at $1,805.10 per ounce. The same for October delivery was down Rs 61, or 0.12 percent, at Rs 48,831 on a business turnover of 6,484 lots.
In New Delhi, the price of 22-carat gold is holding steady at Rs 47,210 per 10 gram, while in Chennai it is Rs 46,410. Spot gold climbed 0.1% to $1,782.21 per ounce.
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