Tue. Sep 29th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices today rise but still down ₹3,000 from this month’s highs

1 min read

Gold and silver prices inched higher today in Indian markets, tracking advance in global rates. On MCX, October gold futures rose 0.18 % to 53,370 per 10 gram. Silver futures jumped 0.8% to 69,688 per kg. In the previous session, gold prices had surged 2% or 1033 per 10 gram while silver had jumped 2.6% or 1,750 per kg. Earlier this month, on August 7, gold had hit a record high of 56,191 per 10 gram.

In global markets, gold rates were slightly higher at $1,987.51 per ounce, supported by a weak US dollar. The dollar was down 0.23% at an over one-week low, making gold cheaper for those holding other currencies. Among other precious metals, silver climbed 1% to $27.69 per ounce, and platinum rose 0.9% to $957.73.

Also supporting gold was tensions between US and China, with the Washington announcing new restrictions on Huawei Technologies Co.

Gains in gold were however capped by a rally in US equities and some positive data from Japan. The Nasdaq hit a record high on Monday, while S&P 500 reached close to its record level. Japan’s manufacturers were at their least pessimistic in four months in August, a survey of business sentiment showed.

Gold traders now await the minutes from the U.S. Federal Reserve’s last policy meeting due for release on Wednesday.

Indicative of renewed investor interest in gold, the holdings of SPDR Gold Trust, the world’s largest gold-backed ETF, rose 0.33% to 1,252.38 tonnes on Monday.

 

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.