SunstarTV Bureau: India market witnessed drop of gold price for the fourth time in the five days, while silver prices went up, today.
On the Multi Commodity Exchange of India Limited (MCX), February gold futures edged 0.16% lower to ₹50,070 per 10 gram.
The yellow metal declined for the fourth time in the last five days. Silver is up 0.1% to ₹67,641 per kg. Though gold has recovered from lows of below ₹48,000, it remains significantly lower than the August highs of ₹56,200. Similarly, silver had also almost touched ₹80,000 per kg in the same month. Gold closed at ₹50,149 and silver closed at ₹67,576 on Wednesday on MCX.
In international markets, gold prices steadied on Thursday as investors balanced elevated U.S. jobless claims that undermined a nascent economic recovery with US President Donald Trump’s threat to veto a long-awaited stimulus bill. Spot gold was little changed at $1,872.60 per ounce by 0057 GMT, after climbing as much as 1% in the previous session. US gold futures fell 0.1% to $1,877.00.
Gold has gained more than 23% this year, largely driven by its appeal as a hedge against inflation and currency debasement in the wake of unprecedented stimulus measures unveiled to mitigate the impact of the pandemic.
In a video posted to social media on Tuesday evening, Trump demanded lawmakers change the coronavirus aid part of the spending bill to include $2,000 payments to each American, more than triple the $600 per person provided.
Silver rose 1% to $25.38 an ounce.
Worsening condition of covid situation is one of the major factors for gold regaining its strength. A new coronavirus strain in the UK has caused several countries around the world to shut their borders to Britain and drug makers to scramble to test their Covid-19 vaccines against it. The UK reported nearly 40,000 new cases on Wednesday, the most since the pandemic began, and the government sent more areas of the country into its toughest level of restrictions.
