RJ Market Watch
Gold prices surge today, silver follows suit
Back in India, gold prices had surged 1.1% on Friday to ₹43,720 per 10 gram in futures market. Commodity derivatives markets remain closed today in India due to a holiday.
Analysts say that though gold has seen an uptick in investment demand, absence of strong physical buying may cap the upside. In many parts of the world, including India, spot gold markets remain shut due to lockdowns.
Apart from worries about global economy, monetary and fiscal stimulus measures taken by various central banks may also lift the sentiments of gold like safe havens, says Hareesh V, head of commodity research at Geojit Financial Services. But the strong dollar and moderate physical demand are likely to limit major rallies, he added.
The holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund (ETF), rose 0.72% to 978.99 tonnes on Friday – the highest holding in over three years.
Meanwhile, hedge funds and money managers reduced their bullish positions on COMEX gold and increased them in silver contracts in the week to March 31, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Courtesy: LIVEMINT
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