MCX Gold Silver BTST Call Hit Gold 270 and Silver 600 point Up Enjoy – Neal Bhai Reports

MCX Gold Silver BTST Call Hit Gold 270 and Silver 600 point Up Enjoy – Neal Bhai Reports

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MCX Gold and silver prices in India today edged higher, recovering from a sharp fall in the previous session. On MCX, gold futures edged 0.54% higher to ₹50,781 per 10 gram while silver futures advanced 0.23% to ₹69,580 per kg. In the previous session, gold had slumped by ₹1230 per 10 gram while silver had declined ₹1,700 per kg.

In global market, gold prices today edged higher after a sharp drop in the previous session. Investors bet that a Democratic win in the US Senate race will help in unleashing more fiscal stimulus. Spot gold rose 0.2% to $1,922.81 per ounce. In the previous session, gold had fallen as much as 2.5%.

In the US, Democrats now have narrow control of both chambers of Congress, after a complete sweep of the two US Senate seats,, making it easier to advance legislative priorities from coronavirus relief to climate change. However, ratcheting up tensions, hundreds of supporters of President Donald Trump have stormed the US Capitol on Wednesday in a bid to overturn his election defeat.

Among other precious metals, silver shed 0.4% to $27.19 an ounce while platinum was flat at $1,101.33, while palladium eased 0.1% at $2,437.23.

Minutes of Federal Reserve’s December 15-16 meeting released yesterday showed officials unanimously backed holding the pace of asset purchases steady when they met last month, with some open to “future adjustments” if needed.

The US central bank slashed its benchmark interest rate to nearly zero in March at the onset of the coronavirus pandemic and ramped up crisis-era bond-buying programs to pump liquidity into the financial system and keep a lid on longer-term interest rates.

Stimulus measures by central banks and governments across the world to mitigate the impact of coronavirus had lifted gold prices by over 25% last year while silver had rallied about 50%. Gold is seen as a hedge against inflation and currency depreciation. 

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