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Gold Price Gains After 20% Decline So Far From Record Highs
Gold prices in India showed movement in tandem with international gold rates. On the MCX, gold futures for April delivery hold on to Rs. 46000 levels and it was in fact up by around Rs. 90 at Rs. 46285 per 10 gm.
International gold rate also saw some support and gained as dollar showed some easing. Spot gold rose 0.3% to $1,787.31 per ounce by 0100 GMT, having touched its lowest since July 2 at $1,759.29 on Friday. U.S. gold futures gained 0.4% to $1,784.20.
The gains in the dollar price remained capped on higher US yield which had been gaining on the back of inflation fears.
Dollar easing and a push for US stimulus supports gold price
There has been a threat to business failures in the US even as the economy is showing signs of recovery and amid it there will be seen investment appeal for the same haven.
Also at the same time, Joe Biden's push for a $1.9 trillion COVID-19 relief bill was spearheaded as a U.S. House of Representatives committee unveiled the legislation Democrats hope to pass by late next week.
In India demand for the commodity is showing resilience as prices have dropped a record 20 percent from the highs seen in August-September last year.
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