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Gold prices today trade near record high as Covid-19 rages on

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NEW DELHI: There is no stopping typically the rally in bullion desks. Gold marched ahead together with traded near its maximum on Thursday, tracking this in the global market together with on rising worries through fast spreading coronavirus breakouts. Silver also jumped in order to cross Rs 72,000 level.

India has claimed over 19.6 lakh coronavirus cases by now using more than 40,700 deaths. Gold tends to gain when percentage of interest are low and politics and economic uncertainties will be high.

Gold futures on MCX were up zero.34 per cent or Rs 185 at Rs 55,283 per 10 grams–hovering at record highs. Silver futures prices added 1.05 % or Rs 752 in order to Rs 72,645 each kg.

Gold prices leaped Rs 1,365 in order to Rs 56,181 each 10 gram in the countrywide capital on Wednesday carrying out a strong rally in the world wide market, according to HDFC Stock options. Silver also depicted a powerful trend as it zoomed Rs 5,972 in order to Rs 72,726 each kg.

Globally, gold prices held steady near record highs on Thursday as a weaker U.H. dollar and hopes involving more stimulus measures in order to mitigate the economic results from typically the pandemic underpinned the metal’s safe-haven appeal.

Spot gold was continuous at $2,039.75 per ounce by 0042 GMT, after hitting a all-time high of $2,055.10 on Thursday. US gold futures went up by 0.3 per cent in order to $2,055.90.

The rapid rise in virus instances has dented hopes of the swift economic rebound, driving a vehicle inflows into safe-haven possessions such as gold, containing risen more than 34 % so far this year.

US individual payrolls growth slowed greatly in July, pointing to some loss of momentum in the job market and overall economical recovery as new coronavirus infections spread across the country.

Top congressional Democrats and White-colored House officials appeared to stiffen their stances on fresh coronavirus relief legislation, as negotiations headed toward a end-of-week deadline with no signal of an agreement.

SPDR Gold Trust , the world’s biggest gold-backed exchange-traded fund, claimed its holdings rose zero.8 per cent to 1,267.96 tonnes on Thursday.

Silver fell 0.four per cent to $26.91 per ounce, while platinum (pt) rose 0.4 % to $970.67 together with palladium was steady on $2,181.77.

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