Gold Steadies As Fed Decision Awaited; Goldman Sachs Raises 1-Year Target To $2300/oz

Gold prices in India were a tad lower by 0.13% or Rs. 67 at Rs. 52524 per 10 gm as is the trend overseas. But as the trading progressed, on the MCX gold scaled a new high of Rs. 52750 per 10 gm. Silver on the other hand rallied by 0.22% or Rs. 146 to Rs. 65150 per kg.

Gold Prices In International Market

Gold prices in the international market today steadied on rising corona worries as well as hopes of inflationary pressure due to additional stimulus. Spot gold was at $1957.84 per ounce.

In the international markets, gold prices on July 28, 2020 hit a record high of $1980.57 per ounce before heading lower as dollar recovered somewhat from losses.

Gold is seen as a hedge against a weakening dollar.

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