Gold prices in India showed movement in combination with international gold rates. On the MCX, gold futures for April delivery hold on to Rs. 46000 levels and it was in fact up by around Rs. 90 at Rs. 46285 per 10 gm.
The international gold rate also witnessed some traction and gained as dollar showed some easing. Spot gold rose 0.3 percent to USD1,787.31 per ounce, having touched its lowest since July 2 at USD1,759.29 on Friday. U.S. gold futures gained 0.4 percent to USD1,784.20. The gains in the dollar price remained capped on higher US yield which had been gaining on the back of inflation fears.
Crude oil has also gained more than 20 percent this year after a pledge from Saudi Arabia last month to deepen production curbs turbo-charged a rally triggered by Covid-19 vaccine breakthroughs. Brent’s prompt time spread has firmed in a bullish backwardation structure, signaling a tighter market and helping to unwind global stockpiles built up during the pandemic.
There has been a threat to business failures in the US even as the economy is showing signs of recovery and amid it there will be seen investment appeal for the same haven.
Notably, Joe Biden's push for a USD1.9 trillion COVID-19 relief bill was spearheaded as a U.S. House of Representatives committee unveiled the legislation Democrats hope to pass by late next week.
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