Gold rates increase and reach 8-week high internationally
Gold rates in the country had been over 1% and had taken cues from the international prices where gold had reached an eight-week high. In the international market, the gold rates had been supported by weak U.S. Dollar. On the MCX, the gold futures for February had been trading Rs.556 (1.11%) higher and reached Rs.50,800 per 10 gram. The silver futures for March had been at Rs.69,520 per kg (up by Rs.1,397 or 2.05%).
Price of yellow metal breach the Rs.50,000 mark
The price of gold in the country breached the mark of Rs.50,000 after tracking positive trend in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher at Rs 50,090 for every 10 grams after recording an increase of 0.29 percent. The dollar index also cooled off after early gains and supported the yellow metal. February gold futures contracts settled at $1,866 with a gain of 1.30 percent. Silver rates fell on the MCX even though the price of the white metal increased globally. A kilogram was trading at Rs.65,398 after recording a decline of 0.15 percent.
Gold prices increase ahead of the US elections
Gold prices increased ahead of the US elections with spot gold rising by 0.7% to reach a price point of $1,890.96 per ounce. U.S. gold futures increased by 0.5% to reach a price point of $1,889.60. Silver increased to $24.03 an ounce, an increase of 1.7%. Platinum prices increased by 1% to reach $857.30. Palladium prices decreased by 0.4% to reach $2,202.56.
Gold futures prices on MCX fall in India on 19 October 2020
Gold futures prices for the month of December on MCX fell marginally in India on 19 October even though the prices increased in the global markets. The target for the yellow metal was set at Rs.50,800-Rs.51,000. Gold futures prices fell by 0.11% and were at Rs.50,489 for 10 grams. In the international markets, the prices of gold were at $1,902.80 for an ounce. In time inflation or currency debasement, investors consider gold as a safe haven. Gold prices in the country are inclusive of 3% GST and 12.5% import duty.
Gold prices remain steady in India after falling in the previous session
After falling in the previous session, the prices of gold remained flat in India on 6 October 2020. Gold prices on MCX remained steady and were at Rs.50,600 for 10 grams. In the previous session, the prices of gold were at Rs.50,460 per 10 grams. In the international markets, spot gold prices fell and were at $1,910.68 for an ounce. Gold futures prices in the US fell by 0.2% and were at $1,917 for an ounce. In August of this year, gold futures prices hit record highs and were at $2,072.50 for an ounce.
Gold rates dip by Rs.1,500 and silver falls by Rs.6,000
The prices of gold and silver had fallen after a global selloff in the metals. On the MCX, the gold futures had fallen by 2.7% (Rs.1,500) and reached Rs.50,300. The silver futures had also seen a dip by 9% (Rs.6,000) and stood at Rs.61,802. During the previous trading rally, the yellow metal had seen an increase in its price by 0.52% and silver had been 0.2% lower. The gold rates in India have been pretty unstable over the past few weeks after it had crossed Rs.56,000 last month.
In the international markets, spot gold prices had dipped after five weeks, and was below $1,900 per ounce. The spot gold prices had dipped by 3.5% and reached $1882.51 per ounce. Silver had also dipped by 11% and the Bloomberg Dollar Spot Index reached a gain.
Gold and silver prices drop amid strong dollar value
Gold prices dropped by 0.4% to Rs.51,140 per 10 grams and silver futures dropped by 0.75% to Rs.67,982 per kg on the Multi Commodity Exchange. Gold prices had increased in the previous session by 0.6% and silver prices had increased by 0.55%.
In the international market, gold prices were trading flat due to a stronger dollar value in the market which prompted investors to shift towards the equities market. Spot gold was trading at $1,929.30 per ounce and silver was priced at $26.66 per ounce after dipping by 0.2%.
Gold prices had previously hit all-time highs earlier in August and are down by Rs.5,000 from its highs. Silver prices also had hit close to Rs.80,000 per kg mark earlier in the month and have decreased substantially.
Gold prices rise for 2nd session, silver rates stand at Rs.63,700
The gold prices in India on 26 August 2020 continued to rise for the second session amidst the rising Coronavirus cases around the world. The rising cases across the globe have resulted in the rise of the precious metal’s prices.
The trade talks between USA and China had, however, affected the prices of the yellow metal. Around the world, the prices of the valuable metal were very volatile owing to the dollar index being at an all-time high for more than a week. This made gold more expensive for holders of other countries.
Prices of gold reduce for the second time in three days
Tracking global rates, gold prices in India reduced on 11 August 2020. Gold futures prices for the month of October reduced by 0.63% and are at Rs.54,600 for 10 grams. This is the second time that the prices of gold have fallen over the last three days. In the last session, gold prices increased by 0.35%. On 7 August 2020, the prices of the yellow metal increased by Rs.1,000 for 10 grams. Gold prices in India hit record highs last week and were at Rs.56.191 per 10 grams. In the international markets, gold prices reduced due to a strong dollar. However, the losses were capped due to the increase in the number of coronavirus cases and the tensions between China and the US. Spot gold prices fell by 0.3% and were at $2,021.32 for an ounce. In the case of a strong dollar, the prices of the yellow metal are expensive for other currency holders.
Steady inclines recorded for gold in the international market due to trade tensions
In the futures market, gold prices showed a steady incline on 17 July after positive trends were seen in the international market. The price of the metal showed positive trends with persistent tensions hovering around between the United States of America and China. Moreover, the consistent rise in COVID-19 cases in the U.S. and India helped with the incline in gold prices.
On 17 July, the value of the metal on the Multi Commodity Exchange was Rs.48,825 per 10 grams, increasing by Rs.52 compared to the previous session. As the value of the U.S. dollar recovered in the market, the price of gold had seen a fall.
With the European Central Bank’s stance of not changing the rates, the market did not see a bullish trend. On the day, the price of international bullion started lower as investors in Asia awaited further decisions on geopolitical issues persisting between China, Hong Kong and the United States of America.
Price of precious metal increases; possibilities to head towards Rs.47,000 per kg intact
With a positive trend seen in the international price of the bullion, August gold futures in India showed an incline on 10 June. With the equities market easing, investors shifted to the bullion market.
Risk appetite was low amongst investors as they awaited the statement on the monetary policy by the United States Federal’s Reserve. On the Multi Commodity Exchange, the price of June contracts was trading at an incline of 0.12% at Rs.46,650 per 10 grams. Silver futures were also trading at an incline of 0.10% at Rs.48,145 per kg.
Showing mixed trends on 9 June, gold gained more than 1% whereas, on the other hand, silver ended the session with a flat trend. The price of gold is said to remain volatile with the policy meeting of the United States Federal Reserve coming up.
Gold gains amidst growing fears over recession
On the MCX (Multi Commodity Exchange), the June gold contracts had traded higher by 0.53% at Rs.47,300 per 10 gram. The silver futures had been trading at 1.15% higher and stood at Rs.49,381 per kg.
A lot of analysts have said that the two precious metals will remain volatile. Gold had crossed its 47,000 mark when it comes to the MCX and silver had also crossed 48,920.
Gold and silver prices had rebound this week and gold future had also been higher by 1%. The silver futures had gained 3% on the MCX. The metals had shown some profit-taking in the trading session and post the downbeat Chinese CB leading index, these two metals had rebound again.