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Gold and silver prices in India continued to rise after posting sturdy good points in the earlier session. On MCX, August gold futures rose 0.6% to a brand new excessive of ₹52,410 per 10 gram. Silver futures on MCX superior 2% to ₹67,000 per kg. In the earlier session, gold had surged 2.2%, crossing the ₹52,000 stage for the primary time. On the opposite hand, silver had jumped 7.5%.
In international markets, gold continued its record-breaking rally as traders wager that the US Federal Reserve will proceed with its accommodative financial coverage. Fed policymakers meet later this week. Spot gold surged to $1,975 an oz, rising $160 in simply six periods. Gold futures rose 2.3% to $2,000 an oz. Silver charges surged 5% to achieve $25.81, up nearly 33% in seven periods.
Gold prices have hit new highs attributable to U.S.-China tensions and a weaker greenback, whereas expectations of extra stimulus to revive pandemic-hit economies lifted the steel’s enchantment as an inflation hedge, mentioned Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.
Meanwhile, US lawmakers continued their efforts towards the nation’s subsequent fiscal stimulus as Senate Republicans raced to finish particulars of a $1 trillion coronavirus support proposal.
Also supporting gold is a weaker greenback which has been fallen to a two-year low towards a basket of currencies. Along with that uncertainty over COVID-19 and low rates of interest have boosted the enchantment of gold which is taken into account a safe-haven throughout financial uncertainty.
“ETF investors have continued to put money into the commodity amid increasing risks to global economy. Gold holdings with SPDR ETF rose by 1.75 tonnes to 1228.805 tonnes, highest since March 2013. While gold continues to rise, higher prices could further dampen consumer demand from countries like India and China. We may see extended gains unless there is a sharp rebound in US dollar,” Kotak Securities mentioned in a latest word.
Meanwhile in India, the federal government has prolonged deadline for necessary hallmarking of gold jewelry and artefacts by over 4 months until June 1, 2021, in the wake of the continuing COVID-19 pandemic.
(With Agency Inputs)
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