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Gold prices in India fell today, monitoring a decline in international markets and profit-taking at greater ranges. On MCX, gold futures had been down 0.5% to ₹48,912 per 10 gram, after rising 0.55% within the earlier session. Silver additionally got here off highs. Silver futures on MCX dropped 1.2% to ₹52,408 per kg after surging 3.3% within the earlier session. Gold prices had hit a brand new excessive of ₹49,348 per 10 gram final week in tandem with a rally in international markets.
In international markets, gold rates eased decrease today, weighed down by a stronger greenback however issues over surging coronavirus circumstances world wide capped losses. Gold slipped 0.2% to $1,798.52 per ounce whereas US gold futures fell 0.7% to $1,802.20. Among different valuable metals, platinum rose 0.6% to $833.14 whereas silver edged 0.1% decrease to $19.07.
The greenback index rose 0.1% towards its rivals, making gold costlier for holders of different currencies.
“Gold has come off recent highs and we may need fresh trigger to build the momentum to breach recent highs. With mixed factors in place at present, we may see choppy trade. However buy on dips is recommended as rising virus cases and US-China tensions may keep price supported,” Kotak Securities mentioned in a latest notice.
US-China tensions additionally supported gold. Tensions additionally grew between the United States and China over disputed claims to offshore assets all through the South China Sea, with U.S. officers saying China’s claims had been “unlawful.”
Gold is commonly used as a secure retailer of worth throughout occasions of political and monetary uncertainty. Reflecting the sturdy funding demand, the holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, mentioned its holdings rose 0.3% to 1,203.97 tonnes.
Across the world, greater than 1.Three crore folks have been reported to be contaminated by the novel coronavirus and 5.7 lakh have died, in accordance to a tally posted on Johns Hopkins University.
As circumstances within the US continued to rise, California Governor on Monday ordered an enormous rollback of the state’s reopening on Monday in hardest-hit counties. (With Agency Inputs)
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