Thu. Dec 3rd, 2020

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Gold prices today jump, silver surges 10% in just 3 days

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Gold bullion

Gold and silver prices in India moved higher today, in line with a strong global rally in precious metals. On MCX, October gold futures moved 0.35% higher to 55,290 per 10 gram. September silver futures moved 1% higher to 72,600 per kg. In the previous session, gold had risen over 1% or 580 per 10 gram, hitting record high of 55,597. Silver had surged 3.2% or 2250 per kg, extending Tuesday’s 4,200 gain.

In global markets, gold prices were flat today, supported by weaker US dollar and hopes of more stimulus measures. Spot gold was steady at $2,039.75 per ounce, after hitting an all-time high of $2,055 in the previous session. US gold futures rose 0.3% to $2,055.90. Among other precious metals, silver fell 0.4% to $26.91 per ounce, while platinum rose 0.4% to $970.67.

The US dollar remained under pressure with the dollar index falling 0.2% to near two-year low against its rivals. A depreciation of the US dollar makes gold less expensive for holders of other currencies.

Uncertainty about global economic recovery and unprecedented stimulus measures have driven inflows into safe-haven assets such as gold this year. The yellow metal is up about 34% so far this year in global markets.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, said its holdings rose 0.8% to 1,267.96 tonnes on Wednesday.

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