Gold Falls Below Rs. 50000 Despite Renewed Hopes On More US Stimulus

Gold prices in the domestic markets inched lower even as gold rates in global markets were quiet. On the MCX, gold on October 8, 2020 touched a low of Rs. 49950, while at the time of writing this copy it was a tad higher by 0.13 percent or Rs. 65 at Rs. 50113 per 10 gm.

In the global markets, gold was steady on renewed hopes of US stimulus while investors were also watchful of weak jobless data of the world's most developed nation.Spot gold was at $1886.69 per ounce after rising 1% in the previous session.

Gold Falls Below Rs. 50000 Despite Renewed Hopes On More US Stimulus

As per the minutes of the US Fed meet on September, there was suggested no clear path that shall be given to tread the slowdown due to the pandemic.

Also, on Wednesday, the UK said that there is a 66% chance of Brexit trade deal but indicated to use Boris Johnson deadline of October 15.

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