As the economy looks at a path of recovery, the Indian market saw a mixed bag of progress for both Gold and silver as both precious metals exhibited variegated results in the recent session, this despite showcasing an evident surge in their prices the previous session. Gold prices rose by merely 0.2% to 50,064 per 10 grams, which is the standard for Gold. All this while silver prices saw an evident decline in their prices by 0.2% to 65,370 (INR) per kg, which is the standard for silver.
This also seen as an impact that international markets have understandably had on the prices, as things remained stagnant globally. Also, traders throughout the world are looking for stability in the market with an eye on the decisions by the policymakers of major economies including that of the United States and Japan, as countries hit by the pandemic and its effects try to make a comeback into normalcy.
Apart from that, there are many underlying global and geopolitical factors that might influence the prices of these commodities, especially gold in the near future. These factors include the weakening dollar, on account of which the gold prices previously observed a surge from its former lows. In addition to that, the crucial marathon Brexit talks have also garnered attention throughout the globe, as the United Kingdom is just 3 and a half weeks away from a stipulated departure from the European Union. Now what is keeping every stakeholder on their toes is the nature the conclusion of conversion, which is would either be deal or a no-deal Brexit, as touted by experts.
Amidst all of this, the gold traders are also betting their optimistic bargain riding on the news of successful trials and availability of vaccines in the near future, that could eventually put a full stop to this Covid19 saga.