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Gold prices in India edged increased today, monitoring reasonable positive aspects in world markets. On MCX, October gold futures rose 0.08% to ₹53,490 per 10 gram. Silver futures on MCX today rose ₹700 or 1.1% to ₹65,690 per kg. In the earlier session, gold had surged about ₹650 per 10 gram or 1.2% whereas silver had jumped ₹2300 per kg or 3.6%. In India, gold prices have surged 35% this yr, hitting new highs. In the earlier session, gold had hit a excessive of ₹53,700 per 10 gram.
In world markets, gold rose to an all-time excessive today. pushed increased by a softer greenback and issues over world financial system as coronavirus instances continued to rise. Spot gold was up 0.1% at $1,976.47 per ounce, after hitting a record excessive of $1,984 earlier in session. Among different valuable metals, silver eased 0.1% to $24.35 per ounce whereas palladium dropped 1.1% to $2,068.98.
US lawmakers have struggled to hammer out a brand new stimulus plan amid a worldwide surge of latest coronavirus instances, making buyers nervous and placing stress on the US greenback. The US greenback index remained near greater than two-year low towards its rivals, making gold cheaper for holders of different currencies.
“Movement across commodities in general continues to be swayed by US Dollar movement. The currency has come under pressure amid worries over that US economy may underperform its developed peers as coronavirus cases continue to surge in the nation,” Kotak Securities mentioned in a word.
“Also putting pressure is uncertainty over fiscal stimulus from the nation as lawmakers continue to wrangle over the stimulus deal. Furthermore, the currency also was pressurized following US President Donald Trump’s suggestion of delaying the nation’s November presidential election until after the coronavirus pandemic eases,” it added.
Gold and silver prices may be supported by upbeat secure haven demand, the brokerage mentioned.
In world markets, gold prices surged 11% in July, the most important month-to-month achieve since 2012.
White House Chief of Staff Mark Meadows mentioned he’s not optimistic on reaching settlement quickly on a stimulus bundle.
Further growing the safe-haven attraction of gold, White House coronavirus consultants mentioned on Sunday that the US is in a brand new section of the novel coronavirus outbreak with infections “extraordinarily widespread” in rural areas in addition to cities.
Meanwhile, in India, the newest tranche of sovereign gold bonds opens today for subscription and the problem worth has been fastened at ₹5,334 per gram. The situation stays open until Friday.
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