For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gold Price Fall For Second Day; Global Rates Steady Above $1800/oz

|

Gold Prices in India

on Wednesday (July 15, 2020) tumbled by a tad 0.08% or Rs. 41 in early trade to Rs. 49218 per 10 gm. This is even as prices in global markets steadied above levels of $1800 per ounce. This is primarily owing to depreciation in rupee against the dollar.

 Gold Price Fall For Second Day; Global Rates Steady Above $1800/oz
 

Gold prices in the international markets today steadied up at levels above $1800 per ounce. The upside momentum as well as corona concerns will continue to support the yellow precious metal.

"Although the mood on Wall Street returned to upbeat, the record amounts of bank bad debt provisioning overnight, and comments from the Federal Reserve, are giving bullish investors pause for concern."

Also, the escalation in US-China tension will further give an upward push to the bullion.

In its mid-year outlook report by the World Gold Council there is said that mix of high risk, low opportunity cost as well as positive price momentum will be supportive of gold investment as well as offset weakness in offtake of gold from an economic contraction.

Gold has been lapped up this year as a portfolio hedging strategy and expectations of a slower recovery i.e. U shaped or potential setbacks from additional waves of infections (W-shaped), WGC noted.

"Market participants will focus on industrial production data expected from major economies and inflation numbers expected from the US. SPDR Gold Trust the world's largest gold-backed exchange-traded fund, said its holdings rose 0.3 percent to 1,203.97 tonnes on Monday", said Navneet Damani, Vice President, Motilal Oswal.

GoodReturns.in

Read more about: gold gold prices
Story first published: Wednesday, July 15, 2020, 9:09 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more