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Gold Steady After Worst Week In 5 Months; Silver Gains
On Monday, gold prices in India were steady around Rs 52,000 per 10 grams after its first weekly decline in five months. Gold futures (October 2020) on MCX (Multi Commodity Exchange of India) was trading 0.12 percent higher at Rs 52,290 per 10 grams likely due to strengthening of the US dollar that makes the import-dependent metal expensive for buyers in the country.
In the international market, spot gold was down by 0.5 percent at $1,934.91 an ounce after falling 4.5 percent in the previous week, its biggest weekly decline since March.
Meanwhile, silver futures (September 2020) on MCX were trading 1.5 percent higher at Rs 68,150 per kg.
After a volatile week, the precious metal's prices are showing stability. With over 21.5 million people infected by the coronavirus, Asian markets were trading flat. Japan reported its biggest ever contraction in GDP, while the US saw less than expected increase in retail sales.
On the other hand, US-China relations, an important determinant of gold prices before the pandemic, are showing signs of improvement after China increased US oil purchases on Friday, ahead of a trade deal review.
