Gold futures climbed Tuesday to settle at a nearly nine-year high and silver rallied to prices not seen since 2014, with the precious metals lifted by an agreement on a fiscal rescue plan by European leaders and expectations for additional spending by the U.S. government.
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Silver Rates Soar to Multi-Year High of Rs 55,510, Gold Prices up Rs 156
Silver rates on Tuesday soared in Indian markets, in tandem with firm global rates. Silver prices today surged by Rs 1,495 to Rs 55,510 per kg in futures trade as participants widened their bets on firm spot demand and global cues. On the Multi Commodity Exchange (MCX), September silver futures gained Rs 1,495, or 2.4 per cent, to Rs 55,510 per kg in 18,458 lots.
Conflict Gold in Spotlight as Investors Flock to Precious Metal
There’s a big shift in the balance of power in the global gold market. A relentlessly expanding physical hoard of bullion stored in London and New York means exchange-traded funds have usurped managed money in the futures market as the key driver of the price of the shiny metal.
Swiss Hedge Fund to Offer Clients Gold Shield Against Inflation
A Swiss hedge fund plans to offer investments denominated in gold and silver to protect clients against the risk that record coronavirus stimulus spending will push down currency values.
Oil Edges Higher on U.S Stockpiles Build and OPEC+ Compliance
Oil edged higher after a report pointed to a drop in U.S. crude stockpiles and on signs that additional supply from OPEC+ next month won’t be as much as previously anticipated.
India’s Gold Imports Dived 86% Year-on-Year in June – GSR
India’s gold imports dived 86% year-on-year in June because of record high prices and as international air travel was banned in response to the COVID-19 pandemic.
Gold is Looking Very Bullish Both in the Short- and Long-Term – GSR
Gold held steady above the key $1,800/oz level on Thursday, as worries over mounting COVID-19 cases offset hopes of a swift global economic recovery.