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    Gold rate slips to Rs 50,180 bucking global trend

    Synopsis

    Globally, gold prices edged higher, supported by renewed US-China tensions and concerns over economic recovery, but a robust dollar capped gains.

    Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.05 per cent to 1,278.23 tonnes on Tuesday.

    Commodity Summary

    MCX
    NEW DELHI: Gold and silver prices slid further on Wednesday, bucking the trend in the international market, as US Fed officials indicated the rates could be raised earlier than outlined before.

    Chicago Fed President Charles Evans said the central bank still needed to discuss its new average inflation target but that it "could start raising rates before we start averaging 2 per cent." Low interest rates tend to support gold, which is considered a hedge against inflation and currency depreciation.

    Gold futures on MCX were down 0.40 per cent or Rs 201 at Rs 50,180 per 10 grams. Silver futures advanced 1.62 per cent or Rs 993 to Rs 60,220 per kg.

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

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 04-Dec-2020
    23-10-20205112850858
    22-10-20205112850790
    20-10-20205076650840
    19-10-20205080950660
    16-10-20205079650549
    13-10-2020050260
    09-10-20205069550855
    08-10-2020050200
    01-10-2020050570
    25-09-20204987649662


    Gold prices tumbled Rs 672 to Rs 51,328 per 10 gram in the national capital on Tuesday on a weak global trend, according to HDFC Securities. Silver also witnessed massive selloff with prices tanking Rs 5,781 to Rs 61,606 per kilogram.

    Globally, gold prices edged higher, supported by renewed US-China tensions and concerns over economic recovery, but a robust dollar capped gains.

    Spot gold prices rose 0.2 per cent to $1,902.04 per ounce by 0100 GMT. US gold futures eased 0.1 per cent to $1,905.60. The dollar index hit an eight-week peak. A firmer dollar makes bullion more expensive for holders of other currencies.

    The UK has imposed a fresh set of curbs to tackle a second wave of COVID-19, with new restrictions lasting probably six months.

    Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.05 per cent to 1,278.23 tonnes on Tuesday.

    Silver fell 0.6 per cent to $24.26 per ounce, platinum rose 0.3 per cent to $869.64 and palladium slipped 0.8 per cent to $2,203.15.
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