Gold, Silver prices surge again, know new rates

Oct 14 2020 11:06 AM
Gold, Silver prices surge again, know new rates

After a steep fall in the last session, the price of gold in the country rose and silver also registered a spurt. At MCX, December gold futures rose 0.19 percent to Rs 50,343 per 10 grams, while silver futures rose 0.3 percent to Rs 60,738 per kg. In the last session, the gold price was reduced by Rs 850 per 10 grams, while silver was down by Rs 2,600 per kilogram.

Gold prices in global markets changed slightly today. Gold was down 1.6 percent in the last session at $1,892.80 an ounce. The dollar index remained steady today after a three-week low on Tuesday. Silver rose 0.2 percent to $24.22 an ounce, while platinum rose 0.5 percent to $869.05.

The viability of the US fiscal stimulus reduced before the forthcoming month's election. White House Speaker Nancy Pelosi rejected the $18 trillion proposals saying it was too low in terms of corona and deep recession. The same experts say that gold support will continue at lower levels. "Gold is seen as a safe haven and a hedge against inflation," says Nish Bhatt, founder, and CEO of Millwood Kane International, an investment advisory firm. He further said, "the results of the US election, the US dollar, and the corona vaccine will clearly give a broad direction to gold."

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