Gold Price in India: Domestic gold futures went higher on Tuesday, tracking the global level ahead of the start of a two-day meeting of the US central bank. Multi Commodity Exchange (MCX) gold futures – due to the October 5 settlement – rose by Rs 495, or 0.96 per cent – to bid at the strongest level recorded during the session at Rs 52,182. The gold contract for the day closed at Rs 52,120, Rs 433 or 0.84 per cent. (Track Gold Futures here)
In the international market, spot gold (COMEX) rose to $ 1,968.80 an ounce on Tuesday, its highest intraday level since September 2, recorded as the soft dollar and expected the Federal Reserve to adjust to its adjusting monetary backing to the yellow metal Will strengthen the policy. (Also read: Is silver the new gold?)
The US Dollar Index – which estimates the greenback against six currencies – lost 0.29 percent during the session.
According to Mumbai-based India Bullion and Jewelers Association (IBJA), spot gold closed at Rs 51,893 per 10 grams on Tuesday, excluding the Goods and Services Tax.
– IBJA (@ IBJA1919) September 15, 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
“The price of gold remains in a wide range of $ 1,900-2,000 / oz and we can see directionless trading going forward until major triggers occur. Mixed activity in ETF (exchange traded funds) flows is also a direction in the market. Shows a lack of. ”Said Ravindra Rao, VP-Head Commodity Research, Kotak Securities.
“Gold may remain bullish amid the lack of clear signals, although the general bias may be due to the rising challenges of the global economy and the expectation of heavy stance by major central banks,” he said.