New Update
The prices of gold and silver in India have again shot up after a sharp fall over the previous two days due to the recovery in global rates. Reportedly, the Spot gold prices in India(Rs. 52000.0) have increased while on Thursday it was Rs. 51990.0. The Indian spot gold price as of Friday is Rs. 52000.0 which has increased by 0.02 percent. The global spot price is $1950.0.
According to the Multi Commodity Exchange (MCX), the October gold futures were up by 0.4 percent to Rs 52,345 per 10 gram while the silver futures have increased by Rs 1,000 to Rs 68579 per kg.
In the previous two sessions, the gold price had plunged by about Rs 1,500 per 10 gram while silver was around Rs 1,650 per kg. As per the report, the Spot gold was up by 0.4 percent at $1,949.83 per ounce while silver witnessed hike by 0.6 percent to $27.38 per ounce.
Meanwhile, the analysts are expecting the gold prices to remain high in the near term. However, it has been reported that the buying interest is likely to emerge at lower levels in the wake of challenges faced by the US and global economy.
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As per the report, Kotak Securities stated that the prices remain steady because of the increase in coronavirus cases. It has forced countries to take restrictive measures threatening the recovery of the economy. Also, it also added that the tension between the US and China has also kept gold prices steady.
-PTC News-