Gold Prices Fall Below Rs. 52000 Per 10 Gm On Risk On Sentiment On Treatment Hopes

Gold and silver prices today (August 24, 2020) fell on profit booking in early trade. On the MCX, October gold futures in afternoon session were dragged down by 0.56% or Rs. 291 at Rs. 51725 per 10 gm. Silver in line also fell by 1.71% or Rs. 1146 to Rs. 65921 per kg.

Gold Prices Fall Below Rs. 52000/ 10 Gm On Covid 19 Treatment Hopes

As per HDFC Securities, in the previous session, gold prices declined by close to Rs. 100 to Rs. 52990 per 10 gm in the national capital region on sell off seen in the global market. Silver prices however edged higher by Rs. 782 to Rs. 69262 per kg.

International Gold Rates

Gold prices in the international market today edged lower as dollar stood steady near an over 1-week high. Also investors awaited US Fed Chair Jerome Powell's comments at Jackson Hole due later in the week which will provide clues on US monetary policy going forward.

Also, on Sunday the US FDA said it approved using blood plasma from patients recovering from corona infection as treatment for Covid 19 disease.

Spot gold fell 0.3% to $1,933.37 per ounce by 0046 GMT after hitting a one-week low of $1,910.99 in the previous session. U.S. gold futures fell 0.4% to $1,910.10.

Meanwhile, after the House of Representative agreed to a $25 billion in new funds for the US postal service, top Republicans and Democrats held each other responsible for slowed down development in the case of coronavirus aid legislation.

Back home as there was a dearth seen in physical buying of gold, dealers in the gold market offered the highest discount in over one and a half months, even as there was an inflow of bullion from the UAE.

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