Gold Prices In India Edge Lower Even As Prices Firm Up Globally Above $2000/ Oz

Gold prices in India on August 19, 2020 decline even as prices firm up internationally and hold above $2000 per ounce level. On the MCX, in early trade October gold futures fell by 0.43% or Rs. 231 to Rs. 53340 per 10 gm. Silver too in line was down 0.54% or Rs. 375 to Rs. 69130 per kg.

Gold Prices In India Decline Even As Prices Firm Up Globally Above $2000/ Oz

International Gold Rates

Internationally gold prices surged today, thanks to continuing weakness in dollar and hold above the crucial $2000 per ounce price level. Spot gold was up 0.1% at $2,002.12 per ounce by 0029 GMT, after hitting a one-week high of $2,014.97 in the previous session.
U.S. gold futures, however, softened by 0.1% to $2,011.60 per ounce.

Silver rose 0.6% to $27.82 per ounce.

The dollar index is down for the sixth consecutive session by as much as 0.1% and maintain near a more than 2-year low hit in the previous session.

Treasury yields in the US also were dragged lower as the market largely overlooked robust housing data and indeed was waiting for indications on easing of political deadlock over a fresh round of stimulus to revive the coronavirus-battered US economy.

Exports in Japan fell by a staggering 19.2% in July month, posting 5th straight month of double-digit declines, reflecting the impact of novel coronavirus on world economies.

Meanwhile traders in the market are watchful of the Fed minutes of the last meeting due to be released later today at 1800 GMT that may offer insight on the interest rate outlook going forward.

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