Today, a day after the precious metals rose, the futures price of gold fell in the Indian markets and the price of silver rose. Gold futures on MCX were down by 0.03 percent at Rs 51,410 per 10 grams, up by Rs 1,200 in the previous session. Talking about silver, today its futures price rose by 0.48 percent to Rs 70,373 per kg. In the previous session, it had become expensive by about Rs 2,000 per kg.
Price is so high in global markets
Gold prices fell today after jumping 2.5 percent in global markets in the previous session. Spot gold was down 0.2 percent at $ 1,938.11 an ounce. Among other precious metals, silver was at $ 27.22 an ounce, while platinum lost 0.6 percent.
Gold prices rose on Monday after the dollar fell to more than two-year lows. Britain has announced a new national lockdown in the wake of rising Coronavirus cases, while New York has registered its first case of a new corona strain. Gold traders will be awaiting results for two Senate seats this weekend. Also, the Fed's meeting minutes will be released on Wednesday, while the US unemployment data will be released on Friday.
Gold increased by 25 percent in 2020
Gold has benefited from large-scale incentives in the year 2020 to counter Corona's economic impact. In India, gold is well below its August high, that is, Rs 56,200 per 10 grams, although it has risen 25 percent in 2020. Gold is seen as a hedge against inflation and currency decline. Talking about silver, it rose by 50 percent.
HDFC Securities said in a note that, "The weak dollar has also boosted the buying in gold prices along with US stimulus announcements." Risk premiums may remain high in gold prices due to the worldwide rising COVID-19 case and the applicable lockdown in the UK and Europe.