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Gold prices continue their upward trend; today jump to nearly 2-month high

By wasmulhaq 
Updated Date

New Delhi: Gold prices in India continued their recent upward trend, with futures on the MCX reaching a more than two-month high of 52261 per 10 gram, up 0.2 percent from the previous close.Futures for silver increased by 0.5% to 58,780.

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Despite inflation and GDP, gold has been under pressure recently as a result of the central banks’ raising interest rates to rein in runaway inflation.

The price of yellow metal in India was range-bound until Friday, when the government increased the import duty. Prices for gold were stable at $1,809.45 per ounce on the international markets. For the previous few weeks, gold has mainly been trading at the $1,800 support level. Among other precious metals, spot silver rose 0.7 percent to $20.09 per ounce on Thursday.

In times of economic difficulty, such as a recession, the yellow metal is regarded as a secure place to keep assets.

“Despite a recent dramatic decline, gold has managed to maintain close to the $1800 per ounce level, which indicates some purchasing activity. “Given the focus on FOMC minutes and US non-farm payrolls statistics, a persistent increase is doubtful,” he added.

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Yellow metal prices were restrained today by the dollar’s stability near high over the previous two decades. Gold priced in the greenback is often avoided by buyers using other currencies when the dollar is strong.

Gold traders will be closely looking ahead to the US jobs numbers for June, to be released this Friday. The ECB will also release the minutes of its June policy meeting on Thursday.


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