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Gold prices today fell in Indian markets, monitoring muted world cues. On MCX, August gold futures have been down 0.12% to ₹48,910 per 10 gram, their third decline in 4 days. Silver additionally edged decrease, with futures on MCX declining 0.25% to ₹52,765 per 10 kg. Gold prices in India had hit a document excessive of ₹49,348 per 10 gram earlier this month and since then prices have remained uneven.
In world markets, gold prices today remained regular above the important thing psychological degree of $1,800 per ounce. Spot gold was regular at $1,808.53 per ounce whereas US gold futures have been virtually unchanged at $1,809, supported by a weaker US greenback and considerations over surging coronavirus circumstances around the globe. Among different valuable metals, platinum fell 0.2% to $836.62 and silver edged 0.1% larger to $19.33.
“Gold might witness uneven commerce as market gamers assess virus state of affairs in addition to geopolitical points nevertheless normal bias could also be on the upside amid rising challenges to world economic system,” Kotak Securities mentioned in a be aware.
Around the world, greater than 14.4 million individuals have been reported to be contaminated by the novel coronavirus globally and 605,162 have died, in accordance with a tally by Johns Hopkins University.
“A rise in the US China tensions and an uptick in the investment demand has underpinned the yellow metal. Going ahead, the bulls case is intact for gold but, since price is too high, buy on dips would be the best strategy for traders,” mentioned Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.
On the bodily aspect, demand for gold remained muted in India amid surging coronavirus circumstances in the nation. In India, sellers charged premiums of as much as $2 an oz. over official home prices final week as in comparison with earlier week’s $three premium, Reuters reported, amid an enormous fall in imports.
Gold imports into India plunged 94% through the first quarter of 2020-21 as a consequence of a big fall in demand in the wake of the COVID-19 pandemic.
India is the most important importer of gold, which primarily caters to demand of jewelry trade.
“Nominal gold prices have already posted contemporary information in each different G-10 and main rising market foreign money this 12 months,” the Citigroup analysts said. “It is only a matter of time for fresh” highs in U.S. {dollars}, they mentioned.
Gold has surged 19% this 12 months to the best in virtually 9 years in world markets because the coronavirus pandemic drove traders to havens. Gold is expected climb to an all-time excessive in the following six-to-nine months, and there’s a 30% likelihood it’ll prime $2,000 an oz. in the following three-to-five months, Citi mentioned.
(With Agency Inputs)
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