Sun. Jan 24th, 2021

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

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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.


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