Friday, 05 March, 2021


Gold continues to rise as alarm strikes economies of United States and EU

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Conrad Doyle | 03 September, 2020, 02:15

US gold futures rose 0.8% to $1,995.20.

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday following worldwide spot prices that rose to near two-week high amid weak dollar. However, these gains were muted by the strong USA manufacturing data which was seen to push up the global risk sentiment.

Spot gold was up 0.9% at $1,986.81 per ounce by 0502 GMT, after hitting its highest since August 19 at $1,989.19 earlier in the session.

Market participants will keep an eye on the private payroll numbers which if reported better than expectations, it could put pressure on gold prices and create optimism for the non-farm payroll data scheduled later in this week.

Elsewhere, silver dipped 0.2 per cent to US$28.11 per ounce, platinum eased 0.3 per cent to US$937.87, and palladium fell 0.5 per cent to US$2,260.56.

"Gold has bounced back sharply after taking support near $1900/oz level however the momentum is weakening and we could see choppy trade if there are no fresh triggers".

The persistent strength in the United States and global equity markets coupled with sluggish ETF activity and weaker consumer demand are weighing on the gold price.

Meanwhile, the dollar was up almost 0.5%, moving farther away from its two-year low, after Euro zone inflation turned unexpectedly negative last month.

The U.S. central bank's new approach to monetary policy means a low unemployment rate on its own doesn't warrant higher interest rates, Fed Vice Chair Richard Clarida said on Monday.

Low interest rates reduce the opportunity cost of holding non-yielding bullion, which is also used as a hedge against inflation and currency depreciation.

The dollar index dropped to a more than two-year low against its rivals, making gold cheaper for holders of other currencies.

Gold prices are up nearly 30% so far in 2020; as governments and central banks across the world rolled out unprecedented stimulus to prop up the economies amid the current health crisis.

Senate Republicans are likely to take up their COVID-19 relief bill next week offering $500 billion in additional federal aid, White House chief of staff Mark Meadows said, hence giving support to the bullion on lower levels.

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