Today October 09, 2020, gold and silver prices in
Indian markets have gone up due to the strong global market rates. December
commodity contract note of gold futures on MCX rose 0.8 per cent to Rs 50,584
per 10 grams, while silver futures prices rose 1.8 per cent to Rs 61605 per kg.
In the previous session, where silver gained 0.17 per cent.
Gold prices rose in global markets
after President Donald Trump's talks with Congress resumed in the wake of
stimulus packages in the US. At the same time, the weak dollar also supported the gold price high. Gold spot price rose 0.3 per cent to $ 1,898.31 an ounce. News
reports said Treasury Secretary Steven Menuchin told Nancy Pelosi that
President Donald Trump wanted to compromise on a comprehensive aid package. The
dollar index was down 0.2 per cent. Gold has always been seen as a hedge against
inflation and currency weakness.
Silver rose 0.4 percent to $ 23.93 an
ounce, platinum rose 0.6 percent to $ 867.06 and palladium gained 0.3 percent
to $ 2,379.29.
The price of gold increased by 30 per
cent in the first eight months of 2020, but in September the momentum declined
with the rise of the dollar. Analysts say gold is likely to remain at a low
level until the US election. Analysts hoped that gold demand in India would
increase in the coming festive season.
According to the report of the World
Gold Council, India's gold reserves have reached 653 metric tons at present.
With this, India comes in 9th place in the world in terms of the highest gold
reserve country. This is only 7.4 per cent of its total foreign exchange
reserves.
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