Gold MCX Today Tips Rocking Hit High 53965, Rona Mana Hai – Gold yesterday settled up by 2.01% at 53322 buoyed by a weaker dollar as investors await the fine print on the U.S. Federal Reserve’s strategy to stem the economic toll of the coronavirus.
The minutes from the Fed’s last policy meeting are due on Wednesday, with markets looking for any hints of a possible change to its guidance at its next review in September.
Markets kept a wary eye on a stalemate in Washington over a new stimulus package, with key U.S.-China trade talks also on the radar.
Gold has risen over 28% this year, as unprecedented global stimulus to ease the economic blow from the pandemic pushed investors to bullion as a hedge against possible inflation and currency debasement.
The U.S. said that the number of unemployment claims over the past week dipped below the one million mark for the first time since the COVID-19 outbreak.
Chinese discounts for physical gold scaled yet another record peak versus global spot rates as the COVID-19 pandemic continued to choke retail appetite, with even a price dip failing to lure consumers in India.
Jewellery demand was subdued for weeks. Now even investment demand has fallen due to price volatility. Premiums eased to about $2 an ounce over official domestic prices, which incorporates import and sales levies, from $4 last week.
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