Mon. Sep 28th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices today rise to near record highs, silver above ₹50,000/kg

2 min read

Gold prices in India today inched closer to record highs, tracking higher firm global rates. On MCX, August gold futures rose 0.14% to 48,830 per 10 gram while silver futures were up 0.12% to 50,423 per kg. Domestic gold prices, which include 12.5% import duty and 3% GST, hit a record high of 48,825 per 10 gram in the previous session after they surged over 1%, in tandem with a rally in global markets. Silver had surged about 3% in the the previous session.

In global markets, gold prices today edged closer to near an eight-year high as resurgence in coronavirus cases pushed demand for the metal, which is considered as a safe-haven in times of economic uncertainty. Spot gold edged up 0.1% at $1,782.21 per ounce, after hitting its $1,785.46 in the previous session – highest since October 2012.

Among other precious metals, platinum rose 0.7% to $822.50 and silver gained 0.6% at $18.24.

Widespread stimulus measures from central banks have pushed down interest rates and it benefits non-yielding gold, which is widely viewed as a hedge against inflation and currency debasement.

Federal Reserve Chairman Jerome Powell on Tuesday stressed to Congress Tuesday that getting the coronavirus under control was vital as the U.S. economy rebounds and also warned against pulling back on any form of stimulus too soon.

“US-China tensions have added to challenges to global economy. Consumer demand remains weak amid higher price and slack economic growth. Gold may witness choppy trade as market players continue to assess virus situation however general bias may be on the upside owing to rising virus risks,” Kotak Securities said in a note.

The US recorded 47,000 fresh coronavirus cases on Tuesday, the biggest single-day spike as the government’s top infectious disease expert warned that number could soon double. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases, warned that daily increase in new cases in the US could reach 100,000 unless steps were taken to control the resurgence in new cases.

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.