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    Gold rate rises to Rs 49,000 on surging Covid-19 cases

    Synopsis

    Globally, gold prices rose holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned.

    iStock
    Gold is used as a safe investment during times of political and financial uncertainty.

    Commodity Summary

    MCX
    NEW DELHI: Gold and silver edged higher in the morning trade on Monday as worried by rising coronavrus cases in India and other parts of world, investors rushed away from risky assets and towards safe haven.

    India has reported 8.8 lakh cases of coronavirus till now, the third highest in the world, with over 23,100 deaths. Due to this many states have increased restrictions on businesses and movement, threatening economic recovery.

    Gold futures were up 0.36 per cent or Rs 177 at Rs 49,040 per 10 grams. Silver futures gained 1.20 per cent or Rs 618 to Rs 51,980 per kg.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 05-Aug-2020
    03-08-20205361554025
    27-07-20205226052181
    24-07-20205096051010
    21-07-20204926449545
    20-07-20204911849015
    17-07-20204894248974
    16-07-20204907748777
    13-07-20204914049138
    10-07-20204914348875
    06-07-20204816848207
    03-07-20204822748050


    Gold prices in the national capital rose marginally to Rs 49,959 per 10 gram on Friday, according to HDFC Securities. Silver declined by Rs 352 to Rs 52,364 per kg.

    Globally, gold prices rose holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging coronavirus cases around the globe kept the safe-haven metal underpinned.

    Spot gold was up 0.3 per cent at $1,803.80 per ounce by 0303 GMT. US gold futures rose 0.4 per cent to $1,809.10.

    The dollar index fell 0.2 per cent against its rivals, making gold less expensive for holders of other currencies.

    Gold is used as a safe investment during times of political and financial uncertainty.

    Indicative of investor sentiment, speculators increased their bullish positions in COMEX gold and silver contracts in the week to July 7, the US Commodity Futures Trading Commission said on Friday.

    Elsewhere, palladium gained 0.9 per cent to $1,987.77 per ounce, platinum rose 2.4 per cent to $834.05 and silver climbed 1 per cent to $18.86.
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