Gold Gains As Dollar Weakens On High US Unemployment

Gold prices in India gained on September 18, 2020 buoyed by gains in global rates. On the MCX, gold futures for October delivery quotes a tad higher at Rs. 51503 per 10gm.

In the international markets, gold moved higher as the high unemployment continue to worry, raising appeal for the safe haven bullion. Spot gold climbed 0.4 per cent to $1,951.13 per ounce by 0125 GMT, having fallen to a one-week low in the previous session. US gold futures were up 0.6 per cent at $1,960.80.

Gold prices in the international marketl plunged on Thursday in view of the Fed's view on the economy which is recovery in fact better than expected as the unemployment rate has slowed. Nonetheless, its decision to hold interest rate near zero for at least until 2023 checked for any deeper losses.

Also, the metal gained on central banks vows to continue to deliver stimulus package in a bid to revive the battered economies due to the pandemic.

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