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Commodity Summary
MCX
NEW DELHI: Gold and silver rose in Tuesday's early session as tensions between the United States and China escalated and amid projections that India’s economy could contract 16.5 per cent in the first quarter of the current fiscal.
US President Donald Trump on Monday promised tax credits for firms who relocate manufacturing facilities to the United States from China. Trump's administration also stated it will further tighten restrictions on Chinese telecommunications firm Huawei.
Gold futures on MCX were up 0.33 per cent or Rs 175 at Rs 53,450 per 10 grams. Silver futures added 1.25 per cent or Rs 865 to Rs 70,020 per kg.
Gold prices rose by Rs 340 to Rs 53,611 per 10 gram in the national capital on Monday, in line with firm international trend, according to HDFC Securities. Silver also witnessed increased buying and gained Rs 1,306 to Rs 69,820 per kg.
Globally, gold prices edged up on Tuesday on the back of a weaker dollar, although gains were capped by a rally in U.S. equities and signs of a recovery in global economic activity.
Spot gold edged up 0.1 per cent to $1,987.51 per ounce by 0114 GMT. US gold futures eased 0.3 per cent to $1,993.30 per ounce.
The dollar was down 0.2 per cent at an over one-week low, making gold cheaper for those holding other currencies.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.33 per cent to 1,252.38 tonnes on Monday. Silver climbed 1 per cent to $27.69 per ounce, and platinum rose 0.9 per cent to $957.73. Palladium fell 1.2 per cent to $2,172.80.
US President Donald Trump on Monday promised tax credits for firms who relocate manufacturing facilities to the United States from China. Trump's administration also stated it will further tighten restrictions on Chinese telecommunications firm Huawei.
Gold futures on MCX were up 0.33 per cent or Rs 175 at Rs 53,450 per 10 grams. Silver futures added 1.25 per cent or Rs 865 to Rs 70,020 per kg.
Gold prices rose by Rs 340 to Rs 53,611 per 10 gram in the national capital on Monday, in line with firm international trend, according to HDFC Securities. Silver also witnessed increased buying and gained Rs 1,306 to Rs 69,820 per kg.
Globally, gold prices edged up on Tuesday on the back of a weaker dollar, although gains were capped by a rally in U.S. equities and signs of a recovery in global economic activity.
Spot gold edged up 0.1 per cent to $1,987.51 per ounce by 0114 GMT. US gold futures eased 0.3 per cent to $1,993.30 per ounce.
The dollar was down 0.2 per cent at an over one-week low, making gold cheaper for those holding other currencies.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.33 per cent to 1,252.38 tonnes on Monday. Silver climbed 1 per cent to $27.69 per ounce, and platinum rose 0.9 per cent to $957.73. Palladium fell 1.2 per cent to $2,172.80.