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Gold rate rises to Rs 50,800 on strong global cues

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NEW DELHI: Gold and silver costs gained on Monday after the US mentioned its jobless claims didn’t go down as was anticipated. In the meantime, India continues to report the best variety of every day circumstances on this planet lifting bullion’s attraction.

US employment development slowed additional in August and everlasting job losses elevated as money from the federal government began operating out, elevating doubts on the sustainability of the economic system’s restoration from the deep COVID-19 recession.

Gold futures on MCX have been up 0.24 per cent or Rs 122 at Rs 50,800 per 10 grams. Silver futures added 1.31 per cent or Rs 881 to Rs 68,147 per kg.

Gold costs have been marginally down by Rs 56 to Rs 51,770 per 10 grams on Friday within the nationwide capital amid rupee appreciation, in accordance to HDFC Securities. Silver additionally declined Rs 738 to Rs 68,371 per kg.

Globally, gold costs edged larger because the greenback slipped, with weak financial information out of the US on the finish of final week elevating fears over the global financial restoration from the COVID-19 stoop.

Spot gold was up 0.2 per cent at $1,935.53 per ounce by 0045 GMT, after falling to a one-week low of $1,916.24 on Friday. US gold futures rose 0.four per cent to $1,941.10.

U.S. Treasury Secretary Steven Mnuchin mentioned on Sunday a deal between the White Home and Congress would fund the federal authorities by way of the start of December and that particulars of the spending invoice needs to be finalised by week’s finish.

Speculators raised their bullish positions in COMEX gold and silver contracts within the week to Sept. 1, the US Commodity Futures Buying and selling Fee mentioned on Friday.

Retail demand for bodily gold picked up barely in India final week on a dip in home costs and a competition, however prime bullion hubs throughout Asia noticed muted exercise.

Silver eased 0.2 per cent to $26.84 per ounce, platinum rose 0.6 per cent to $900.01 and palladium was regular at $2,296.54

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