Wed. Sep 30th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices today fall for second day, down ₹800 per 10 gram from highs

2 min read

Gold prices in India edged lower today for the second day after hitting a record high in the previous session. On MCX, gold futures were were down 0.16% to 48,188 per 10 gram after sliding 500 in the previous session. Gold had hit a record high of 48,982 in the previous session but could not sustain gains and settled lower. Silver futures on MCX were down 0.25% to 49,300 per kg after slumping 900 in the previous session.

In global markets, gold prices came off recent highs after positive coronavirus vaccine developments and US data slightly improved risk sentiment. Focus now shifts to the monthly US jobs report due later today and it will be closely monitored by gold traders today.

Spot gold fell 0.2% to $1,767.11 per ounce, after touching $1,788.96 on Wednesday — its highest since October 2012. US gold futures today fell 0.2% to $1,777.30.

Among other precious metals, platinum fell 0.2% to $813.94 and silver rose 0.2% to $17.97.

“Dips will find buying support until 47000 holds and prices will again bounce back towards 48500/49000 levels,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

Manufacturing activity in the US rebounded in June while similar surveys from China, Germany and France all pointed to a recovery in factory activity. An early trial of an experimental vaccine from Pfizer Inc. and BioNtech SE showed promise and was found to be well tolerated in early-stage human trials.

On the other hand, gold was supported on the downside by US-China tensions and hopes of more stimulus from central banks. Traders also monitored minutes of the Federal Reserve’s June meeting, which revealed that various participants viewed the economy needing support “for some time.”

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.