Gold Hovers Near Record Highs as UBS Predicts $5,000-an-Ounce Target
Gold prices in India continued to trade near record-high levels on August 8. On the Multi Commodity Exchange (MCX), October gold futures opened 0.36%, or Rs 536, higher at Rs 1,49,029 per 10 grams.
The contract later touched an intraday high of Rs 1,49,700, gaining Rs 1,207, or 0.81%, by around 12:10 pm. This comes as gold futures have been volatile in recent days, with prices fluctuating due to changes in global market sentiment.
UBS has maintained its bullish outlook on gold, expecting the precious metal to reach $5,000 an ounce in the first half of 2027, citing easier monetary policy and sustained investor demand. However, it's worth noting that gold prices can differ between cities due to local taxes, duties, transportation costs, and market conditions.
Silver rates also remained elevated on August 8, although domestic rates witnessed some profit-taking. MCX September silver futures touched an intraday high of Rs 2,28,397 per kg, rising Rs 813, or 0.35%, from the previous close of Rs 2,27,584.