On Friday, October 9, gold and silver prices were trading with gains following the international market trend as economic stimulus boosted, and the dollar slipped.
The United States President Donal Trump reported that there was a good chance a deal over coronavirus relief could be reached; however, it gave no other details about a possible agreement.
Moreover, Nancy Pelosi, House of Representatives Speaker, announced legislation to help airline companies survive the pandemic’s fallout to only move through Congress to guarantee that a comprehensive aid bill would be developed.
Commodities prices were relatively volatile during the week. On Multi Commodity Exchange, gold futures increased by 0.79 percent. That is equivalent to Rs 394 and settled at Rs 50,669 per 10 grams. While gold boosted, silver futures, dropped by 1.59 percent (or Rs 960) and touched Rs 61,479 per kg.
According to DHFC Securities, financial services intermediary, and a subsidiary of HDFC Bank, the spot market gold prices in the national capital increased by Rs 82 and hit Rs 51,153 per 10 grams globally markets. Except for that, the white metal boosted by Rs 1,074 and reached Rs 62,159 per kg.
The rise of gold was a supporter by a weaker dollar
Globally, the yellow metal prices gained, which was helped by a weaker dollar and optimism over a new U.S. Covid-19 relief aid after U.S. President Donald Trump reported talks with Congress, have restarted.
Significantly, Spot gold increased by 0.3 percent and touched 1,898.31 per ounce. Meanwhile U.S. gold futures boosted 0.4 percent to $1,902.60. Additionally, the dollar index was on track for a second consecutive weekly decline.
Another vital thing to mention is that gold exchange-traded funds rose by more than 1,000 tonnes of bullion. Therefore, leaving it worth $60 billion in the first nine months of 2020.
Besides that, the world’s central banks sold more yellow metal in August than they bought. According to the World Colg Council ending a year-and-a-half-long run of monthly gold accumulation and helping stall a rapid rise in gold prices.
Silver increased by 0.4 percent and hit $23.93. Meanwhile platinum boosted 0.6 percent to $867.06, and palladium gained 0.3 percent to $2,379.29.
Oil prices decreased few cents early in trading on Friday in a pause at the end of a week of significant gains driven by a strike in Norway. Brent oil fell by 9 cents at $43.25 a barrel by 0152 GMT, while on Thursday, it boosted by more than 3%. U.S. West Texas Intermediate crude lost 5 cents at $41.14 after dropping more than 3% on Thursday.