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Gold Prices In India Fall By A Tad; Global Gold Rates Above $1800/oz

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In India, gold prices on July 20, 2020 fell by a tad i.e. 0.15% to levels below Rs. 49000 of Rs. 48894 per 10gm. This may possibly because of rupee appreciation and weaker dollar, which renders gold cheaper for other currency holders.

On Friday, gold settled higher by 0.4% or Rs. 194 at Rs. 48967 per 10 gm.

Gold Prices In India Fall By A Tad; Global Gold Rates Above $1800/oz
 

In the international market, gold trades above $1800/oz as the metal continued to gain the sheen as coronavirus cases continue to surge also while dollar trades at a near 1-month low. Spot gold was steady at $1,808.53 per ounce by 0030 GMT. U.S. gold futures were almost unchanged at $1,809.50.

As per a Reuters report, globally the corona tally has reached 14.28 million while death toll hashit 601,961.

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India and China which are the biggest consumers of the precious yellow metal saw the demand fade wing to coronavirus concerns.

"Markets also kept an eye on China's trade relations with the US as the Trump administration is considering banning travel to the US by all members of the Chinese Communist Party and their families. The ECB, in its policy meet, kept their interest rate unchanged. They said that they will buy 20 billion Euro per month, plus 120 billion Euro this year under asset purchase programme, which will run until interest rates rise," says Navneet Damani, Vice President, Motilal Oswal.

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Read more about: gold prices
Story first published: Monday, July 20, 2020, 9:12 [IST]
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