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Gold prices in India snapped a three-day dropping streak once they edged higher today. On MCX, October gold futures rose 0.25% to ₹50,805 per 10 gram whereas silver futures jumped 1.3% to ₹68,120 per kg. In the earlier session, gold prices had dipped 0.1% whereas silver rates had edged 0.8% higher. In India, gold had hit a file excessive of ₹56,200 per 10 gram on seventh August. From that highs, gold is now down over ₹5,000 per 10 gram. On the opposite hand silver additionally has plunged over ₹10,000 per kg from earlier month’s highs.
Meanwhile, retail demand for bodily gold in India picked up barely final week on a dip in home prices.
In international markets, gold prices today edged higher however the good points had been capped by a stronger US greenback. Spot gold was up 0.2% at $1,935.53 per ounce. A stronger dollar makes gold costly for holders of different currencies. Among different treasured metals, silver eased 0.2% to $26.84 per ounce whereas platinum rose 0.6% to $900.01.
Supporting gold value is rising virus instances and rising US-China tensions, say analysts. “Global virus cases continue to rise and threaten to impact the economic recovery,” says Kotak Securities.
Gold could stay uneven as US fairness markets are exhibiting some vulnerability to correction whereas US greenback index is trying some pull again, the brokerage mentioned.
But Kotak expects shopping for curiosity in gold to emerge at decrease degree as Fed’s dovish stance. It says that combined US financial knowledge could restrict upside in US greenback.
Among different metals, copper prices rose in international markets on hopes of a sustained financial restoration in prime shopper China. Three-month copper on the London Metal Exchange rose 1.1% to $6,785.50 a tonne. (With Agency Inputs)
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