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    Gold rate slips further, near Rs 49,000 mark on weak global trend

    Synopsis

    The dollar index held firm near a more than eight-week peak against rival currencies, as signs of an economic slowdown in Europe and the US renewed concerns about a second wave of novel coronavirus infections.

    Reuters
    Globally, gold prices hit a more than two-month trough weighed down by a robust dollar, with investors looking to U.S. jobless claims data due later in the day to further gauge the pace of a recovery in the world's largest economy.

    Commodity Summary

    MCX
    NEW DELHI: Gold and silver slid further in Thursday's early trade following the trend in the international market as the metals broke string support levels amid strengthening US dollar.

    The dollar index held firm near a more than eight-week peak against rival currencies, as signs of an economic slowdown in Europe and the US renewed concerns about a second wave of coronavirus infections.

    Gold futures on MCX were down 0.34 per cent or Rs 170 at Rs 49,338 per 10 grams. Silver futures plunged 2.92 per cent or Rs 1,709 to Rs 56,779 per kg.

    Gold Rates - Spot & Futures (.995 purity) (MCX)

    DateGold Spot Price
    Rs/10 grms (AHMEDABAD)
    Gold Future Price
    Rs/10 grms Expiry: 04-Dec-2020
    27-10-20205096250792
    23-10-2020050858
    22-10-20205112850790
    20-10-20205076650840
    19-10-20205080950660
    16-10-20205079650549
    13-10-2020050260
    09-10-20205069550855
    08-10-2020050200
    01-10-2020050570


    In the domestic spot market, gold price declined on Wednesday by Rs 614 to Rs 50,750 per 10 grams in the national capital amid lower price for the yellow metal in the international market, according to HDFC Securities. Silver also tanked by Rs 1,898 to Rs 59,720 per kilogram.

    Globally, gold prices hit a more than two-month trough weighed down by a robust dollar, with investors looking to U.S. jobless claims data due later in the day to further gauge the pace of a recovery in the world's largest economy.

    Spot gold fell 0.3 per cent to $1,858.08 per ounce by 0049 GMT. Prices earlier hit $1,853.32, the lowest level since July 22. US gold futures were down 0.3 per cent to $1,862.30.

    Euro zone business growth ground to a halt this month as the service industry slammed into reverse, knocked by a resurgence in coronavirus cases prompting governments to reintroduce restrictions, a survey showed.

    Federal Reserve officials on Wednesday doubled down on efforts to convince investors they will keep monetary policy easy for years to allow unemployment to fall, emphasising that interest rates will stay near zero until inflation gets to 2 per cent and stays there.

    Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.87 per cent to 1,267.14 tonnes on Wednesday.

    Silver fell 2.8 per cent to $22.23 per ounce, hitting a more than two-month low earlier in the session. Platinum was steady at $838.32 per ounce and palladium eased 0.1 per cent to $2,217.90.

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