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Gold prices in India today fell barely today but held above ₹49,000 ranges. On MCX, August gold futures fell 0.1% to ₹49,211 per 10 gram after rising 0.21% within the earlier session. But silver rates edged larger. Silver futures on MCX rose 0.42% to ₹52,870 per kg, after falling 0.75% within the earlier session. Gold rates in India had hit a record excessive of ₹49,348 final week and since then has hovered round ₹49,000 ranges.
In world markets, gold prices edged larger today as worries over surging coronavirus instances and renewed US-China tensions propped up demand for the safe-haven steel. Gold held above the important thing psychological $1,800 stage, rising 0.1% to $1,808.61 per ounce.
Reflecting elevated investor interest in gold, holdings of SPDR Gold Trust, the world’s greatest gold-backed ETF, rose 0.2% to 1,206.89 tonnes on Tuesday- its highest in over seven years.
“Gold may also benefit from renewed buying by ETF investors. Gold may witness choppy trade as market players assess virus and geopolitical risks however the general bias may be on the upside amid increasing challenges to global economy,” Kotak Securities mentioned in a word.
Tensions between US and China flared up once more, after US President Donald Trump signed an govt order ending preferential therapy for Hong Kong and in addition shut the door on “Phase 2” commerce negotiations with China.
US central financial institution officers on Tuesday warned that the economic system faces an extended restoration from the pandemic, and financial ache may nonetheless worsen as instances mount.
Gold is taken into account a safe-haven asset throughout occasions of economical and political uncertainties. The resultant safe-haven demand helped gold keep its optimistic trajectory regardless of a rally in world shares.
Among different valuable metals, platinum gained 0.2% to $827.82 and silver edged 0.1% larger to $19.22.
Coronavirus instances proceed to rise within the United States, with many states briefly halting their reopening of their economies to stem the outbreak, which has contaminated greater than 13 million individuals worldwide to this point. (With Agency Inputs)
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