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

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NEW DELHI: There is no stopping the move in bullion counters. Gold marched ahead and exchanged near its peak on Thursday, tracking the trend inside the global market and on rising worries over rapidly spreading COVID-19 outbreaks. Silver precious metal also jumped to mix Rs 72,000 amount.

India has reported above 19.6 lakh COVID-19 cases by now with more than 40,700 deaths. Gold will probably gain when interest rates usually are low in addition to political and economic uncertainties are high.

Gold futures on MCX were up 0.34 per cent or Rs 185 from Rs 55,283 per 10 grams–hovering at record highs. Silver futures included 1.05 per cent or perhaps Rs 752 to Rs 72,645 per kilogram.

Gold prices jumped Rs 1,365 to Rs 56,181 per 10 gram in the national money on Wednesday following a solid rally in the global market, according to HDFC Securities. Silver precious metal also depicted a strong pattern as it zoomed Rs 5,972 to Rs 72,726 per kilogram.

Globally, gold prices placed steady near record heights on Thursday as some sort of weaker U.S. money and hopes of a great deal more stimulus measures to minimize the economic fallout from your pandemic underpinned the metal’s safe-haven appeal.

Spot gold was steady from $2,039.75 for each ounce by 0042 GREENWICH MEAN TIME (GMT), after hitting an perfect high of $2,055.10 on Wednesday. YOU gold futures rose zero.3 per cent to $2,055.90.

The fast rise in virus cases features dented hopes of a fast economic rebound, driving inflows into safe-haven assets this kind of as gold, which has grown more than 34 per cent up to now this year.

US private payrolls growth slowed sharply around July, pointing to a loss in momentum in the labor market and overall economic healing as new COVID-19 microbe infections spread across the country.

Top congressional Democrats and White Household officials appeared to harden his or her stances on new coronavirus relief legislation, as transactions headed toward an end-of-week deadline with no sign of the agreement.

SPDR Gold Confidence , the world’s largest gold-backed exchange-traded fund, said the holdings rose 0.6 percent to 1,267.96 tonnes on Wednesday.

Silver fell 0.4 for each cent to $26.91 per ounce, while platinum went up 0.4 per cent in order to $970.67 and arrhes was steady at $2,181.77.

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