Wed. Sep 30th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices today rise for 6th day in a row, silver rates drop

1 min read

Gold prices in India continued thier upward trend in tandem with a rally in global markets. On MCX, August gold futures were up 0.2% to 50,800 per 10 gram, extending gains to the sixth day. Silver prices however edged lower on profit-taking with futures on MCX declining 0.14% to 61,110 per kg. Gold prices in India had hit a new high of 50,936 per 10 gram in the previous session after they rose as much as 1.5%. So far this year, gold has rallied about 30% in India.

In global markets, gold rates were steady today supported by an escalation in US-China tensions and expectations of more stimulus as coronavirus cases continue to surge in many parts of the world. Spot gold was flat at $1,885.62 per ounce, after coming close to $1,900 level in the previous session – the highest since September 2011. Among other precious metals, silver fell 0.3% to $22.66 per ounce, while platinum rose 0.9% to $913.86.

Gold prices have risen more then 4% so far this week in global markets, their biggest weekly percentage gain in over three months.

Gold is viewed as a safe-haven during times of political and financial uncertainty. The precious metal has also been supported by a weak dollar.

“Gold and silver” may witness choppy trade as market players assess virus risks and geopolitical tensions against expectations of additional stimulus measures however the general bias may be on the upside due to weaker US dollar,” Kotak Securities said in a note.

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.