Comex gold climbed as much as0.68% to $1,947.50 per ounce
Gold Price In India: Domestic gold and silver futures started the week with mild gains, amid rising cases of COVID-19 around the globe. Multi Commodity Exchange (MCX) gold futures - due for a delivery on October 5 - closed 0.24 per cent (Rs 122) higher at Rs 50,800, having risen to as high as Rs 50,873 during the session. MCX silver futures (December 4) jumped nearly 1 per cent, settling at Rs 67,880 compared to their previous close of Rs 67,266. (Also Read: Silver Is Outperforming Gold, Is It The New Gold?)
In the international spot market, precious metals moved higher after a firmer dollar offset support from renewed fears over the economic hit from the COVID-19 pandemic.
Comex gold climbed as much as 0.68 per cent to $1,947.50 per ounce, whereas silver climbed to as high as $27.39 per ounce, up 2.55 per cent from its previous close.
Back home, spot gold settled at Rs 51,018 per 10 grams, and silver at Rs 65,017 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Closing #Rates for 07/09/2020#IBJApic.twitter.com/xLfbjtOKlQ
— IBJA (@IBJA1919) September 7, 2020
Gold has been one of the most consistent gainers through the six months of coronavirus pandemic-led turmoil in financial markets.
(Also Read: Gold's "Dream Run" May Continue, Say Analysts)
#Gold and #Silver Closing #Rates for 20/08/2020#IBJApic.twitter.com/G9FAiiuKxs
— IBJA (@IBJA1919) August 20, 2020
What Analysts Say
"Gold fell last week after failing to sustain above the $2,000/oz level weighed down by some recovery in the US dollar index, slack ETF (exchange traded fund) buying and weaker consumer demand. Gold, however, bounced back today as weakness in equity markets increased its appeal as an alternative investment," said Ravindra Rao, VP-head commodity research, Kotak Securities.
"Gold may witness choppy trade as US dollar and US equity market struggle for direction however buying might emerge at lower levels amid persisting challenges to global economy.”
