Gold prices in India surge by a tad on Friday (July 17, 2020) even as gold in global markets remain steady. At 9: 02 am, gold August futures contract on MCX traded firm by 0.07% at Rs. 48809 per 10 gm. Silver also fell sharply by Rs. 333 to Rs. 52277 per kg.
In the previous day's trade, gold fell sharply in price by 0.79% or Rs. 386 to settle at Rs. 48773 per 10gm.
Global Gold Rates Hold Below $1800 Per oz
In the international markets, gold prices after a steep drop in the previous trade steadied on rise in coronavirus cases as also the further brewing up of US-China trade situation.
Spot gold was little changed at $1,797.24 per ounce by 0045 GMT after falling nearly 1% in the last session. U.S. gold futures were mostly unchanged at $1,799.70.
In the US, 70,000 fresh cases have been reported, a record spike in cases as per Reuters report.
US President John Williams said a couple of years will be taken for the economy to recover from the fall out due to the coronavirus and interest rate hike is still not needed.
There is also a looming threat of US-China trade woes. Also, as on Thursday there is reported that the Trump government is considering a ban on travel to the US by the Chinese communist party and their families.
Likely stimulus from the US to combat coronavirus will also provide further momentum to the precious yellow metal.