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Gold prices in India hit new highs for the second day in a row. On MCX, August gold futures rose 0.8% to a brand new excessive of ₹49,925 per 10 gram. September silver futures on MCX jumped 4% to 59,635 per kg. Gold prices had surged 1% or about ₹500 in the earlier session. On the opposite hand, silver had jumped 6% or about ₹3,400 per kg in the earlier session, extending it Monday’s ₹1,150 acquire.
In world markets, spot gold prices rose 1.3% to $1,865.81 an oz., the best in virtually 9 years. A softer US greenback, surging coronavirus instances the world over and expectation of extra stimulus measures lifted prices of valuable metals, together with gold and silver. Spot silver prices climbed as a lot as 7.2% to $22.8366 an oz., the best since 2013.
Silver has surged on expectations of a rebound in industrial exercise as hopes of vaccines rise.
On Tuesday, European leaders agreed on a large stimulus plan of $865 billion to gas restoration from the financial drag attributable to the COVID-19 pandemic. In the US, White House officers and prime congressional Democrats mentioned on one other spherical of stimulus that would come with prolonged unemployment insurance coverage.
“Gold has moved higher as demand was boosted by worries over a spike in COVID-19 cases and expectations of more stimulus measures. EU leaders agreed on a 750-billion-euro stimulus plan for regional economies hard-hit by the pandemic. The US is also working on a $1 trillion relief bill,” stated Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.
The US greenback index held near a greater than four-month low, making gold cheaper for holders of different currencies.
As coronavirus instances continued to surge in the US to about 3.9 million, President Donald Trump stated the virus would most likely worsen earlier than it will get higher. Gold is used as a secure funding throughout occasions of political and monetary uncertainty.
Investors have flocked to the valuable metals on surging demand for secure havens amid a resurgence in virus instances and issues over financial system.
SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund or gold ETF, stated its holdings rose 0.7% to 1,219.75 tonnes on Tuesday. (With Agency Inputs)
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