Sat. Sep 26th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices hit ₹50,000 for first time

2 min read

Gold prices in India hit new highs for the second day in a row. On MCX, August gold futures rose 1% to a new high of 50010 per 10 gram. This is the first time gold prices in India have touched 50,000 for the first time in futures market. September silver futures on MCX jumped 6.6% to 61,130 per kg. Gold prices had surged 1% or about 500 in the previous session. On the other hand, silver had jumped 6% or about 3,400 per kg in the previous session, extending its Monday’s 1,150 gain.

In global markets, spot gold prices rose 1.3% to $1,865.81 an ounce, the highest in almost nine years. A softer US dollar, surging coronavirus cases across the world and expectation of more stimulus measures lifted prices of precious metals, including gold and silver. Spot silver prices climbed as much as 7.2% to $22.8366 an ounce, the highest since 2013.

Silver has surged on expectations of a rebound in industrial activity as hopes of vaccines rise.

On Tuesday, European leaders agreed on a massive stimulus plan of $865 billion to fuel recovery from the economic drag caused by the COVID-19 pandemic. In the US, White House officials and top congressional Democrats discussed on another round of stimulus that would include extended unemployment insurance.

“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,” said Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.

The US dollar index held near a more than four-month low, making gold less expensive for holders of other currencies.


Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.