Gold Price in IndiaDomestic gold-silver futures reached the global level on Monday amid weakness in the US dollar. Multi Commodity Exchange (MCX) gold futures (due to October 5 delivery) gained Rs 361 or 0.70 per cent to close at Rs 51,680 and silver futures (Dec 4) rose Rs 607 or Rs 0.89 to close at Rs 68,535. Percent – from their previous close. Gold and silver contracts had increased to Rs 51,736 and Rs 68,720 respectively during the session.
In the international market, gold prices became higher, as weakness in the dollar made precious metals less expensive for those working in other currencies.
On Monday, spot gold (Comex) climbed 1.07 percent to touch a level of $ 1,968.70 an ounce and silver rose 2.01 percent to $ 27.40 an ounce. (Also read: Is silver the new gold?)
The US Dollar Index – which estimates the greenback against six currencies – lost more than 0.49 percent. Gold is often considered a hedge against inflation and currency debility.
According to Mumbai-based India Bullion and Jewelers Association (IBJA), back home, gold was available at Rs 51,394 per 10 grams on Monday and silver at Rs 65,223 per kg, excluding GST.
– IBJA (@ IBJA1919) 14 September 2020
Gold has been one of the most frequent beneficiaries in the financial markets through six months of coronavirus epidemic-led upheaval. Some analysts say that gold is still in a rapid trend from a long-term perspective due to the coronavirus epidemic. (Also read: Gold “Dream Run” Continue: Analyst)
What do analysts say
Ravindra Rao, VP-Head Commodity Research, Kotak Securities, said, “Gold has seen mixed trading in the equities markets and the US dollar index. We can continue the directionless trading as long as $ 1,900-2,000 / There is no limit to the ounce. “