Indian spot gold rate continues to rise despite slowdown in global prices

Spot gold prices in India(Rs. 50560.0) have increased since yesterday(Rs. 50550.0). Although, it was lower than the average gold price observed this week (Rs.50594.29) by 0.07%.

The spot gold prices in India(Rs.50560.0) witnessed a growth of 0.02%, despite global gold prices($1905.7) saw a drop of 0.12%.

Gold and other precious metals on Oct 16, 2020

Global spot prices dropped doen as per the current close with a value of $1905.7 per Troy ounce. The total downturn being of -0.12%. This price level is 0.02% higher than average gold price observed in the past 30 days ($1905.4). Among other precious metals, silver prices saw a fall today. Silver plunged 0.12% to $24.2 per Troy ounce.

Further, platinum price has suffered. The precious metal platinum fell 0.46% to $864.5 per Troy ounce. Meanwhile in India, gold was priced at Rs. 50765.0 per 10 gram on MCX, with a change of Rs. 0.0. Also, the price of 24k gold in the Indian spot market was quoted at Rs. 50560.0 .

MCX Gold on Oct 16, 2020

On MCX, silver futures remained stable at Rs. 61602.0 per kg.

The gold spot price today (Rs. 50560.0) increased by Rs. 0.0 from yesterday (Rs. 50550.0), whereas global spot prices saw a downturn of $2.0 to $1905.7 value today. No change was seen in MCX future price as of today, and had a value of Rs. 50765.0.

Currency Exchange Rate on Oct 16, 2020

The dollar to rupee conversion has been constant since yesterday and any fluctuation today in the gold price would suggest no relation with the dollar value.

Courtesy: Hindustan Times