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Gold price gains amid rising coronavirus cases; silver rates scale Rs 60K mark

Gold, Silver prices today: On MCX, Gold price traded Rs 120 higher at Rs 50,410 today over its previous close of Rs 50,282 per 10 gm. Silver September Futures traded Rs 58 higher at Rs 60,230 per kg today

twitter-logoBusinessToday.In | October 30, 2020 | Updated 12:01 IST
Gold price gains amid rising coronavirus cases; silver rates scale Rs 60K mark
Gold is up nearly 24% this year amid heavy government spending to recover the US economy from the coronavirus pandemic-induced recession

Gold, Silver prices in India on October 30: Gold prices rose on Friday, in line with the overseas trend as weakness in the dollar and concerns over rising coronavirus cases across the globe raised buying interest toward precious commodities.

Worries of soaring coronavirus cases in the US and Europe have kept investors positive toward the safe-haven asset. Worldwide, there were 453 lakh confirmed cases and 11.86 lakh deaths from COVID-19 outbreak. In India, coronavirus cases neared 80-lakh with total deaths standing at 1.21 lakh.

On MCX, Gold price traded Rs 120 higher at Rs 50,410 today over its previous close of Rs 50,282 per 10 gm. Silver September Futures traded Rs 58 higher at Rs 60,230 per kg today.

Overseas, spot gold gained 0.5% to $1,875.76 per ounce, while US gold futures were up 0.5% at $1,877. Silver climbed 0.7% to $24.48 per ounce.

Yesterday, MCX gold prices corrected by 0.42%, while Spot Gold ended lower by 0.53% and Spot silver ended lower by 0.58%.

The dollar index fell 0.2% against a basket of major currencies, amid uncertainty over the upcoming US presidential election.

Gold is up nearly 24% this year amid heavy government spending to recover the US economy from the coronavirus pandemic-induced recession.

Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said," President Donald Trump's administration stated that any agreement on the virus relief fund will only happen after the elections next week. Despite a weaker labour market, the U.S. economy revived at a record pace in the third quarter of 2020 reflecting the enormous amount of stimulus infused by the government which further pressurized the yellow metal prices. However, the resurgence of the virus in the U.S., Europe and many other nations around the globe amid uncertainty ahead of the U.S. elections limited the losses for the safe haven, Gold. Festival demand and uncertainty on election may support the gold prices. Increase cases of coronavirus may increase safe-haven demand for gold."

On today's technical outlook, he added," As for today traders can go for buy-in gold at Rs 50,200 levels with the stop loss of Rs 49900 levels for the target of 50800 levels. They can also go for buy-in Silver at Rs 60,000 levels, with the stop loss of 59,200 levels and for the target of 61,200 levels."

Gold price trades flat, silver rates rise to Rs 60,000

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