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Gold price turns flat; silver rates at Rs 61,600

Gold, Silver prices today: Gold and silver prices in the commodity market have been hitting new highs recently as traders shunned risk and sought safe havens during coronavirus crisis

twitter-logoBusinessToday.In | October 16, 2020 | Updated 12:16 IST
Gold price turns flat; silver rates at Rs 61,600
Gold, Silver prices in India on October 16: Gold has gained nearly 26% this year as major central bankers have called for renewed government spending to recover major economies from the coronavirus pandemic-induced recession

Gold, Silver prices in India on October 16: Gold price was trading flat on Friday near the key psychological level of Rs 50K. Overseas, gold gained on the back of comments from President Trump giving hope for a stimulus package before elections but major gains were restricted due to strong dollar.

On MCX, Gold prices traded flat at Rs 50,660 today over its previous close of Rs 50,712 per 10 gm. Gold futures today hit an intra day high and low of Rs 50,586 and Rs 50,712, respectively.

Silver September Futures traded Rs 120 higher at Rs 61,665 per kg today.

The bullion metal steadied overseas on expectations of a US stimulus bill and positivity from President Trump's comments.

Overseas, Spot gold 0.1% to $1,906.80 per ounce, while Comex gold traded flat today at $1,900 per ounce as investors clung to renewed hopes of coronavirus relief package in the US. Silver fell 0.2% to $24.26 per ounce.

Gold has gained nearly 26% this year as major central bankers have called for renewed government spending to recover major economies from the coronavirus pandemic-induced recession. Moreover, the recent spike in coronavirus cases across major economies added to the uncertainty over the global economic recovery.

Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said,"On Thursday, Spot Gold gained about 0.4 percent to close at $1921.9 per ounce and Spot silver ended higher by 0.12 percent to close at $24.3 per ounce as evident weakness in the U.S. labour market boosted appeal for the safe haven, Gold. The number of new claims for unemployment benefits in U.S. surged last week as the pandemic continued to hamper the world's largest economy. MCX Gold increased by 0.34% and closed at 50712 levels however silver prices corrected by 0.11% and closed at 61,535 levels."

He added," Even the International Monetary Fund expressing worries over the outlook for many emerging markets as the virus continued to spread limited the losses for the safe haven, Gold. As for today, traders can go for buy-in gold at Rs 50,500 levels with the stop loss of Rs 50250 levels for the target of 51200 levels. They can also go for buy-in Silver at Rs 61,300 levels, with the stop loss of 60,800 levels and for the target of 62,400 levels."

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Gold price trades above Rs 50K mark, silver rates at Rs 60,800

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