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Gold prices in India inched increased today in tandem with optimistic world cues. On MCX, August gold futures have been up 0.36% to ₹49,204 per 10 gram, persevering with their uneven motion since hitting a brand new excessive of ₹49,348 earlier this month. Silver was nonetheless in the limelight, with futures on MCX surging ₹1,300 to cross the ₹55,328 per kg mark. In the earlier session silver had surged ₹1150 per kg.
In world markets, gold prices today rose to near 9-year highs on expectations of extra stimulus from central banks amid surging coronaavirus circumstances the world over. Spot gold was up 0.1% at $1,818.53 per ounce, after charges rose to $1,820 in the earlier session, highest since September 2011.
A weaker greenback additionally supported gold prices. The greenback index fell to a greater than four-month low towards a basket of main currencies.
The features for gold have been nonetheless capped as world fairness markets gained floor on optimistic information from trials of three potential COVID-19 vaccines.
“The bullish outlook on gold will remain intact as new pandemic cases across the globe continue to lift the demand for safe haven assets. A weak US dollar and simmering tensions between US and China will also offer downside support to the metal. Meanwhile, weak physical demand from top consuming countries are likely to limit major upside in the commodity,” stated Hareesh V, Head Commodity Research at Geojit Financial Services.
Among different treasured metals, platinum rose 0.1% to $844.40 and silver gained 0.3% to $19.89.
Coronavirus circumstances world wide surged to 14.6 million whereas deaths climbed to 609,198.
European Union leaders today reached a deal on a large stimulus plan for his or her coronavirus-blighted economies after a fractious summit that went by means of the night time and into its fifth day.
In the US, Republican lawmakers and Trump administration officers stated they have been making progress towards contemporary laws for an financial bundle geared toward cushioning the heavy financial toll of the pandemic.
Gold tends to learn from widespread stimulus measures from central banks as a result of it’s broadly considered as a hedge towards inflation and foreign money debasement.
Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed ETF, rose 0.4% to 1,211.86 tonnes on Monday. (With Agency Inputs)
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