Gold and silver prices in India struggled to get their bearings today. On MCX, gold futures rose 0.07% to ₹50,635 per 10 grams while silver rates fell 0.2% to ₹62,615 per kg. In the previous session, gold prices had risen 0.76% or ₹380 per 10 grams, while silver was up 0.28%. In India, analysts expect increased sales this week on the occasion of Dhanteras and Diwali. Furthermore, gold prices have significantly corrected from their August levels. ₹56,000 when it reached a record.
“The footsteps are better and people are interested. Sales are recovering but they will not be as good as last year during the same period,” World Gold Council (WGC) Managing Director (India) Somasundaram PR told Press Trust of India.
All India National Jewelry and Gem Council President Anantha Padmanaban told the Press Trust of India that the jewelry market is gradually recovering and consumer confidence is turning positive.
“This year, Dhanteras overlaps in two days, we expect maximum traction on November 13 across the country. We expect pent-up demand to translate into sales,” he said.
In global markets, gold prices were flat today as the global rally in vaccines in stocks died down. As covid cases continued to rise around the world, fears of new restrictions that could affect economic activity hurt risk sentiment despite optimism about developments in a potential vaccine.
Spot gold was flat at $ 1,876.92 an ounce, but was 3.8% below the week, its worst weekly performance since late September. Aside from the global rally in stocks after Pfizer reported the results of its covid vaccine test, a stronger US dollar also affected gold prices this week. The dollar index was stable today but was on track for a 0.7% weekly gain.
Among other precious metals, silver was up 0.1% today at $ 24.26 an ounce, while platinum was stable at $ 879.26.
Today, most Asian equity markets followed their US counterparts lower, as the resurgence of coronavirus cases added to concerns that tighter restrictions could hamper economic recovery.
Speaking at a virtual European Central Bank forum on Thursday, Fed Chairman Jerome Powell said the increasing likelihood of an effective coronavirus vaccine is good news for the economy in the coming months, but risks to short-term persist as COVID-19 disease continues to spread. rampant.
Powell repeated his view that more action from both the Federal Reserve and Congress will likely be needed, in the form of more fiscal stimulus.
(With contributions from the agency)
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