MCX Gold Just 2 Days 800 Points Up, MCX Silver 1500 Points Up

The Fed held its rate steady on January 29, with Fed Chair Jerome Powell pointing to continued moderate economic growth, and a “strong” job market, giving no sign of any imminent changes in borrowing costs.

The sharp rise in gold price in second half of 2019 cut global demand for jewellery by 6 percent to 2,107 tonnes, said the World Gold Council on January 30. It also said that India’s gold demand fell by 9 percent to 544.6 tonnes in 2019, as compared to 598 tonnes in 2018 on record-high prices, reduced retail buying and the ongoing economic slowdown.

The gold/silver ratio, which is the amount of silver required to buy one ounce of gold. currently stands at 88.47 to 1.

Silver prices jumped Rs 635 to Rs 46,170 per kg from its closing on January 29.

In the futures market, gold rates touched an intraday high of Rs 40,802, and an intraday low of Rs 40,472 on the MCX. For the February series, the yellow metal touched a low of Rs 36,098 and a high of Rs 41,293.

Gold futures for delivery in February gained Rs 430, or 1.07 percent on the MCX trading at Rs 40,780 per 10 gram in evening trade for a business turnover of 1,975 lots.

Gold contracts for delivery in April rose Rs 338, or 0.83 percent, at Rs 40,913 per 10 gram in a business turnover of 19,464 lots. The contract for June were trading up by Rs 334, or 0.82 percent, at Rs 40,963 per 10 grams with a business volume of 3,831 lots

Disclaimer

This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.

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