Gold and silver prices are more prevalent in Indian markets, followed by higher world prices. In the MCX, in February the future of gold rose 0.27% to, 49,115 per 10 grams while silver gained 0.3% to 66,234 per kg. In the previous phase, gold and silver had risen by 0.2% and 0.9% respectively. In global markets, gold prices have risen sharply following the weakening of the US dollar in anticipation of US high momentum.
Janet Yellen, U.S. Treasury Secretary-General Joe Biden, who was elected Treasurer-General, on Tuesday in his affirmative court urged lawmakers to “do more” in the use of funds to help coronaviruses. This gold appeal is set as an inflation fence and presses the dollar. At the same time, Yellen, the former Federal Chair of the United States, did not say she supported the “strong” dollar.
Spot gold prices today gained 0.5% to $ 1,848.30 per ounce while the dollar index fell 0.14% to Rs 90.345. The fruits of the American treasury also fell. The Treasury of the Low Treasury reduces the cost of chances of catching unprotected bullion. Joe Biden is expected to be sworn in today and investors will focus on his $ 1.9 billion economic recovery plans.
Many of the market players are trying to figure out what policy changes are being taken. Biden has already proposed a $ 1.9 trillion renewal package but market players want more clarity on other issues such as tax cuts, US-China relations, financial market involvement, etc.” Kotak Securities Means note.
Gold is seen as a hedge against inflation and inflation that can result from widespread recovery. After strong gains last year, gold declined this year as Treasury yields were acquired along with American currency. In August last year, gold hit a record high of 56,200 by 10 grams in world markets.
Among other precious metals, silver rose 0.9% to $ 25.42 an ounce while platinum rose 1.2% to $ 1,096.23 and palladium gained 0.4% to $ 2,361.79. Gold is very likely to continue to show unsustainable trade without new causes, but common bias could be at a high level as hopes for American incentives and concerns about rising virus cases could continue to support prices,” added the trading company.
The World Gold Council in its view this year said gold investment needs will remain supported this year as investors navigate the potential risks to their portfolios “including budget deficits, inflationary pressures, and market adjustments amid high inflation.”
Gold consumption should benefit from the recent economic recovery, especially in emerging markets, he adds.