Gold prices in India on Monday (September 7, 2020) rise as international rates climb on weakness in dollar which fell from its one-week high. On the MCX, gold for October delivery inched higher by 0.25% or Rs. 127 to Rs. 50805 per 10 gm, while silver also leapfrogged by 1.31% to Rs. 68150 per kg.
Gold prices rose on Monday as the dollar eased on account of weak economic data in the US again surfacing global economic recovery concerns due to Covid 19.
Spot gold was up 0.2% at $1,935.53 per ounce by 0045 GMT, after falling to a one-week low of $1,916.24 on Friday.
On Sunday, US Treasury Secretary Steven Mnuchin said a contract between the Congress and White House would fund the US government in early December and the details on the bill shall be finalized latest by this week end.
The consumer confidence fell for the second straight month, with the consumer confidence index declining to 84.8 in August, down from a 91.7 in the previous month.
Outlook for Gold going ahead
Even as gold corrected in price by a sharp quantum, experts see gold price to move with a positive bias. Also, the multi-year bullish cycle may perhaps extend until the global economy returns to the pre-pandemic stage.
India Gold Rates
On the back of steep fall in demand and discounts doled out by gold dealers there has been a slight uptick in demand and 22K and 24 K gold rates quote at Rs. 49510 and Rs. 50510 per 10 gm.