Gold Price Fall By A Tad As Global Rates Head For Weekly Decline

Gold prices in India on October 16, 2020 were a tad lower in line with international rates. On the MCX, gold futures in early trade today were down 0.11percent or Rs. 58 at Rs. 50654 per 10 gm. Silver prices on the other hand gained marginally.

In the international markets, gold continues to trade lower as dollar stood firm and also there was no progress in the US stimulus. This is the first time in three weeks that gold is on course of its first weekly decline. Spot gold declined by 0.1 percent % to $1,906.39 per ounce by 0052 GMT. U.S. gold futures were up 0.1% at $1,910.60.

In the previous session, the US President Trump is ready to raise his offer of $1.8 trillion for dealing with the Covid 19 fall out with Democrats in Congress. Nonetheless, the number of jobless claim rose to a 2-month high last week

Also, apart from the Europe, some of the US states including Wisconsin are witnessing a surge in Covid 19 cases together with record hospitalization.

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