Gold price today rise for second time in three days, silver edges higher1 min read . Updated: 02 Jan 2020, 05:16 PM IST
- Gold prices remained firm after strong gains last year
- Silver rates also edged higher today
Gold prices edged higher today in India, buoyed by gains in global markets. On MCX, February gold futures rose 0.25% to ₹39,165 per 10 gram, their second gain in three days. Tracking gold, silver rates also moved higher with futures rising 0.25% to ₹46,780 per kg.
In spot markets, gold prices also showed an uptick. 24 karat gold in Delhi gained ₹38 to ₹39,892 per 10 gram in Delhi while silver prices rose ₹21 to ₹47,781 per kg, according to HDFC Securities.
In global markets, gold prices inched higher today amid a weak dollar and trade optimism. Spot gold gained 0.1% to $1,518.60 per ounce. China's central bank said on Wednesday it was cutting the amount of cash that all banks must hold as reserves, releasing around 800 billion yuan in funds to shore up the slowing economy.
"Gold found support after China announced a reserve rate cut by 50 bps from January 6 to support the economy. China's central bank is reducing the requirement of cash reserves that all banks must hold, which will release around 800 billion yuan in funds. An easing monetary policy will increase liquidity in the Chinese market and demand for gold will pick up," said Abhishek Bansal, Chairman, ABans Group of Companies.
US President Donald Trump on Tuesday said the Phase 1 trade deal with China would be signed on January 15 at the White House. But so far little details of the agreement have been released.
Among other precious metals, silver rose 0.3% to$17.88 per ounce, while platinum gained 0.6% to $968.54 and palladium edged up 0.3% to $1,944.87 per ounce.
Gold ended 2019 with its strongest annual increase since 2010, as worries over global economic health triggered a surge of interest in precious metals. (With Agency Inputs)