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Gold Makes First Weekly Gain In 4 Weeks
Despite a decline, gold ended the week in gains for the first time in four weeks.
Gold futures on MCX closed at Rs 49,209 per 10 grams this week, mirroring losses in the international markets as investors booked profits from sharp gains in the previous sessions while equities rallied. However, on Friday, spot gold (the international benchmark for gold prices) closed at $1,838.10 an ounce, up 2.7% during the week, the first weekly gain after 4 weeks of decline.
Platinum gained 2.6% to $1,056.03 per ounce and was on track for its best week since late March.
Data on US payrolls on Friday showed that the American economy added the fewest workers in six months in November, cementing expectations of more fiscal stimulus that lifted the US stock market's S&P 500 index to a record peak.
A bipartisan, $908 billion coronavirus aid bill drew support in the US Congress on Thursday. The non-yielding bullion is considered a hedge against inflation that is likely to result from the unprecedented stimulus.
In India, Sensex crossed the 45,000-mark on Friday after RBI upgraded its GDP (gross domestic product) forecast for the country for FY21 to -7.5 percent from -9.5 percent projected earlier, post the monetary policy committee meet.
The Reserve Bank of India (RBI) left the benchmark repo rate unchanged at 4%, in view of persistently high inflation and a lower-than-expected contraction of the economy. It has maintained its 'accommodative' stance on policy.
Gold rates in India tend to move in line with the international market. Rupee's exchange rate also affects the price of Indian consumers.
The domestic currency ended higher at 73.78, supported by the Indian stock markets and weakness in the US dollar. The American currency saw its worst week since early November, making gold cheaper for holders of other currencies.
The dollar's weakening is likely to last at least another 6 months as investors continue to shift to risky assets and higher returns, a Reuters poll of currency strategists found.
