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Gold Price In India Falls On Weaker Dollar; Global Rates Surge
In today's trade (June 5, 2020), gold on the MCX in the futures market declined by0.64% to Rs 46398.00 per 10 gm.
Gold prices in Thursday's trade gained in the futures market by as much as 1.5% to Rs. 46,696 per 10gm as US equities fizzled. Nonetheless, in the spot market, gold fell in price by Rs. 274 to Rs. 47185 per 10 gm.
International gold rates to trade strong on latest ECB stimulus measures
Gold is likely to trade bullish after the ECB on Thursday approved another stimulus to revive the ailing economy and move it out of the deepest recession since World War II. On June 4, 2020, the central bank announced emergency bond purchases by 600 billion euros ($674 billion) to 1.35 trillion euros and that the purchases would run until the end of June 2021, six month longer than originally planned.
Also weaker dollar and a halt in equity rally is maintaining the upward trend in gold prices in the global markets.Spot gold was up 0.2% at $1,714.78 per ounce, as of 1256 GMT
Outlook for gold
Ravindra Rao, VP-Head Commodity Research at Kotak Securities, sees the precious metal to trade in a broad range with support zone close to $1700/oz and resistance at $1730/oz.
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