Gold Silver Rocket – My Paid Client’s Mint Money – Jo Dar Gaya Samjho Mar Gaya – Neal Bhai Reports (NBR)
MCX Gold prices in India fell sharplytoday, snapping a 3-day gain as the country goes into a 21-day lockdown. On MCX gold futures price were down 0.8% to ₹41,039. Silver rates howeveredged 0.31% higher to ₹40,648 a kg. Gold prices in Indiahave unperformed globalmarkets as the lockdown hits trading volumes anddemand.
On the otherhand, in global markets, goldadvanced for a third straight sessiontoday, hitting its highest in about two weeks. Spot gold price today rose as much as as much as 1.6% to $1,635.79 earlier in the day – its highest since March 12. Among other preciousmetals, silverrose 1.6% to $14.49 per ounce while platinum gained 3% to $729.49.
US Federal Reserve’s recent unprecedented stimulus measures as well as optimism that US lawmakers are closer to a deal on $2 trillion stimuluspackage to cushion the economicdamage from the coronavirus (chinese virus) outbreak, lifting equities and gold.
After days of consolidation, gold has come out of the $1450-1550/ounce range, Kotak Securities said in a note. Gold has rallied on US Federal Reserve’s announcement of unlimited quantitative easing and programmes to support credit markets. Other centralbanks are also taking measures to support their economies.
ETF inflows also show buyinginterest in the metal. The holdings of world’s largest goldbacked exchange-traded fund, SPDR Gold Trust, said its holdings rose 1.3% to 935.98 tonnes on Tuesday.
On the other hand, weighing on goldprice is weaker outlook for consumer demand as lockdowns hit consumerspending. India, one of world’s biggestconsumer of gold, has announced a 21-day lockdown in the entire country to deal with the spread of coronavirus (chinese virus).
