Gold and silver prices soared today breaking losing streak
Breaking its five-day declining streak, MCX gold June futures on Thursday were trading higher at Rs 47,256 per 10 gram, as against the previous close of Rs 47,093. MCX silver June futures too moved up and were at Rs 69,788 per kg. Silver futures had closed at Rs 69,043 per kg in the previous session.
Gold prices broke their free fall after the US Federal Reserve decided to keep the interest rates unchanged to near zero in its meeting which ended on April 28.
Meanwhile internationally, gold prices rose on Thursday propelled by the US Federal Reserve’s announcement to implement a friendly monetary policy aimed at helping economic recovery. At the same time, a weaker dollar provided further support.
Spot gold was up 0.2 per cent at $1,784.94 per ounce, having dipped to $1,762 in the previous session, its lowest since April 16. US gold futures rose 0.6 per cent to $1,784.50 per ounce.
The dollar index edged 0.1 per cent lower against its rivals, boosting gold’s appeal for other currency holders.
Concerns over the economic impact of the second wave of corona pandemic and a softer US dollar also benefited the yellow metal.