Gold Prices Edge Higher, But down from Highs in August

Even though gold and silver were high in Indian markets, the gains were only moderate. Gold futures had risen by 0.17% to Rs.48.594.It was reported that gold had slipped marginally in the previous sessions. The prices of gold in India are down by Rs.1,600 per gram. In the month of August, there was a record of Gold LoanRs.56,200 in gold prices.

As per the global markets, the gold rates were slightly higher in spite of a pause in traditional risk assets. Gold was supported by the jobs data in the US which was very disappointing and also the increasing cases of COVID worldwide. One of the biggest factors in weighing on gold price is the ETF outflows. It shows that the investors are exiting. 

The sharp sell-off in gold has also created pressure in silver. There are significantly low interests in investors for silver. Silver will only begin its recovery when there is a pickup in gold prices by the investors. 

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