Gold prices sprung for third consecutive day

Sep 16 2020 11:20 AM
Gold prices sprung for third consecutive day

Today, gold futures became expensive in the market for the third consecutive day, while silver prices fell. Gold futures on MCX rose by 0.08 per cent to Rs 51,810 per 10 grams. On the other hand, silver futures slipped 0.07 per cent to Rs 68,921 per kg. Arrived at Gold was up 0.16 per cent at Rs 51,770 per 10 grams in the previous session, while silver was down by 0.20 per cent.

In the global markets, the price of gold in the previous session decreased after reaching a two-week high level. Investors cautious because of the US Fed's policy decision, while the US dollar was flat against rivals. Kotak Securities said, "The US dollar index declined after reaching a four-week high last week." Spot gold lost 0.2 per cent to $ 1,952.15 an ounce in the previous session. The dollar index remained flat compared to its rivals. A strong dollar makes gold more expensive for holders of other currencies.

In other precious metals, silver slipped 0.3 per cent to $ 27.09 an ounce, while platinum slipped 1.5 per cent to $ 963.38 and palladium slipped 0.9 per cent to $ 2,388.29. Also, the rate of gold in the country has increased by about 30 per cent this year. The unprecedented excitement and low-interest rates amid the pandemic have made Gold the best asset this year. Gold imports in the country increased to $ 3.7 billion in August from $ 1.36 billion in the same month last year. With this, the price of gold is increasing day by day.

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