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Gold and silver prices rebounded today in Indian markets after taking a breather within the earlier session. On MCX, October gold futures had been up 0.83% to ₹53,216 per 10 gram whereas silver futures surged 1.4% or ₹865 to ₹63,535 per kg. Gold has hit new highs this week, pushed by a rally in international markets. In the earlier session, silver had slumped over 4% or ₹2,762 per kg whereas gold had edged 0.4% decrease.
In international markets, gold prices had been regular today as a softer US greenback and issues over mounting coronavirus circumstances supported the safe-haven demand of the metallic. Spot gold was regular at $1,958.99 per ounce whereas US gold futures rose 0.5% to $1,953. So far this month, gold is up 10% this month in international markets, its largest proportion rise in over 4 years.
The US greenback remained at a greater than two-year low in opposition to its key rivals after US President Donald Trump instructed an election delay. A weaker greenback makes gold cheaper for holders of others currencies.
Among different treasured metals, silver slipped 0.7% to $23.39 per ounce whereas, platinum eased 0.2% to $901.27.
“Gold’s bullish outlook will remain intact due to increased demand for safe assets amid surging pandemic cases and a weaker US dollar. Hopes of fresh policy easing measures from central banks and escalating geopolitical uncertainties also lifted the sentiments of the yellow metal,” mentioned Hareesh V, Head Commodity Research at Geojit Financial Service.
“However, immediate profit taking cannot be ruled out due to weak physical demand and record high prices.”
Data launched on Thursday confirmed US GDP collapsing at a 32.9% annualized price through the second quarter, the deepest decline on record. Gold, which is up 28% this 12 months, is seen as a secure retailer of worth throughout instances of political and monetary uncertainty. A spike in covid circumstances internationally has pushed inflows into safe-haven property reminiscent of gold.
“The international response to the pandemic by central banks and governments, within the type of price cuts and large liquidity injections, fuelled record flows of 734 tonnes into gold ETFs (within the first half of this 12 months). These flows helped carry the gold value, hitting record highs in lots of different currencies,” World Gold Council has mentioned in a report.
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