Gold futures rise once more, however silver turns into cheaper

- Advertisement -

After the sharp rise in the previous session, the futures price of gold rose again in Indian markets today, but the silver futures price was recorded adulterated. Gold futures on MCX rose 0.2 per cent to Rs 50,064 per 10 grams, while silver fell 0.2 per cent to Rs 65,370 per kg. In the previous session, gold futures were up 1.5 per cent, or Rs 750 per 10 grams, while silver was up 2.5 per cent, or Rs 1,600 per kg.

Also Check: Heavy Smoking Causes 28 Severe Health conditions

Spot gold at $ 1,863.30 an ounce

Gold rates were flat today after a big surge in international markets in the previous session, as investors are eyeing prospects of additional US stimulus spending. Today, spot gold was at $ 1,863.30 an ounce after jumping 1.7 percent in the previous session.

Among other precious metals, silver was at $ 24.51 an ounce and palladium at $ 2,330.71. Gold traders await progress in US stimulus talks. Japan’s Prime Minister Yoshihide Suga has announced $ 380 billion in fiscal measures to help the pandemic recover.

Major reasons for price fluctuations

Gold and silver price fluctuations have been seen in US dollar fluctuations, rising Corona virus cases and related restrictions, mixed economic data from major economies, additional stimulus measures and Brexit uncertainty. Despite the recent correction, gold, which is seen as a hedge against inflation, is up around 25 per cent this year.

Also Check: How to Choose a Good Smartphone at a Reasonable Price?

Analysts say the biggest factor on the price of gold in the last few weeks is progress on the vaccine front. The UK is starting today to launch the Kovid-19 vaccine developed by Pfizer and BioNTech. There will be two important events for gold traders on Thursday: a policy decision by the European Central Bank and a discussion on the COVID-19 vaccine by the US Food and Drug Administration.

ETF continues to flow

The flow of ETFs reflects weak investor interest in gold. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell 0.25 percent to 1,179.78 tonnes on Monday, compared to Friday’s 1,182.70 tonnes.

- Advertisement -