Tags: Commodity Market, Gold Market, Indian Economy, Silver Market
Gold and silver

Gold and silver prices increased in Indian markets

According to the latest news, gold and silver price increased in Indian markets. The rate is positive on global cue as new COVID-19-related restrictions in some countries have lifted the precious metals’ safe-haven appeal. On Multi Commodity Exchange, February gold futures boosted by 0.2% and settled at Rs 49,035 per 10 gram. Silver futures climbed 0.26% and touched Rs 63,634 per kg. Meanwhile, gold prices had declined by approximately 0.8% in the previous session, while silver had dropped 0.5%.

According to HDFC, at Multi Commodity Exchange, gold February prices have near term resistance at Rs 50,200 per 10 gram and support and Rs 48,500 per 10 gram.

Investors assessed the possibility for additional virus-related economic restrictions amid increasing coronavirus infections in some countries. Hence, gold prices increased on December 15 globally. Gold rates advanced 0.2% and touched $1,831.9 per ounce. Silver boosted 0.2% and touched $23.87 an ounce.

As we already mentioned, silver prices dropped in the previous session. Distribution of coronavirus vaccine begins in a few countries. Hence, investors charged towards the riskier asset class expectations of improvement in the global economic outlook.

Additionally, the greenback declined today. The dollar index traded near its two and a half year lows against other major currencies.

The number of COVID-19 death in the United States reached 300,000 on Monday

Worries about boosting coronavirus deaths and lockdowns overshadowed optimism about the rollout of COVID-19 injections. Therefore, Asian equity markets declined today. 

Moreover, the number of COVID-19 death in the United States reached 300,000 on Monday. Before, the hardest-hit nation started its first vaccine shots.

In the futures market, silver for March delivery reached an intraday high of Rs 63,500 and a low of Rs 62,912 per kg on the Multi Commodity Exchange. Silver delivery for the March contract fell Rs 735, which equals 1.15%. It touched Rs 63,000 per kg with a business turnover of 12,278 lots. Silver delivery for the May contract slid Rs 687, or 1.06%, and touched Rs 63,853 per kg with a turnover of 154 lots.

Additionally, on Monday, Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, declined by 0.4% and settled at 1,171.32.

Besides, market participants are concerned about U.S. talks over a fiscal COVID-19 stimulus package. They see the yellow metal as a hedge against inflation and currency debasement.

Moreover, the spot gold/silver ratio currently is 76.83 to 1, indicating that silver has outperformed gold.

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