Gold falls Rs 57 silver prices tumble Rs 477

Gold falls Rs 57 silver prices tumble Rs 477

In the global market, gold eased on Tuesday on expectations of positive manufacturing data from the eurozone, but concerns over a second coronavirus wave kept the safe-haven metal near its highest level in more than a month, Reuters reported.

At 12:40 pm, gold futures for August delivery fell 0.39 percent to Rs 47,757 per 10 grams as against the previous close of Rs 47,944 and opening price of Rs 47,864 on the MCX.

"Spot gold prices for 24 carat in Delhi were trading down by ₹ 57 with weak worldwide gold prices and rupee appreciation", HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

"Spot gold prices for 24 karat in Delhi were trading down by Rs 85 amid rupee appreciation", HDFC Securities Senior Analyst (Commodities) Tapan Patel said. Silver rates edged lower today today with futures on MCX falling 0.4% to ₹48,311 per kg.

"Policy uncertainty aside, we believe that debasement fears remain the key driver of gold prices in a post-crisis environment such as this", Goldman's analysts said in a note.

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Gold in the London spot market traded strong on Monday at $1,747 per ounce (oz) after rallying above $1,750 per oz in the morning.

Goldman isn't alone in suggesting gold could top its previous all-time high of $1,888.70 that was reached on August 22, 2011.

The spot gold price in the global market touched the highest level in a month and is now trading at $1,756.14 per ounce, higher by 0.82 per cent from its previous close.

Also the new security law in the Hong Kong are supporting gold price as there is pointed that Beijing will exercise powers in its administration.

Indicative of sentiment, hedge funds increased their bullish positions in COMEX gold and silver contracts in the latest week. Similarly, gold reached a record level of $ 1,764.50 an ounce in the USA futures market.

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