Domestic gold and silver rates increased today following heavy drops over previous sessions. MCX indicated gold rates rising 0.14% to Rs50,544 per 10 gram and silver futures 0.9% to Rs 61,867 per kg. The last session saw gold slump 2.4% or Rs 1,200 per 10 gram and silver collapse 9.3% or Rs 6,300 in an overnight slump internationally.

Today’s global market scenario saw gold rates edge higher following a 3% slump last session. Today’s spot gold gained 0.3% to $1,918.20 per ounce. Previously, gold had dropped to more than a month low of $1,882.70 with US dollar soaring to a nearly six-week high. A firmer dollar makes bullion more expensive for holders of other currencies.

Suggestions from analysts are that gold today was aided by economic regards to latest COVID-19 limitations in many parts of Europe. The dollar index further slipped against competitors, after rising to its highest in more than a month on Monday.

Gold, which is often used as a safe store of value during times of political and financial uncertainty, has risen nearly 26% this year.

Compared with other metals, silver today profited 1.1% to $25 per ounce, platinum increased 0.6% to $886.20 and palladium rose 0.5% to $2,285.44.

Stocks and other assets such as gold sold off on Monday were on issues with renewed lockdown measures in Europe as well as the United States’ inability to agree on the fiscal stimulus that would support millions of unemployed. Analysts say that investors also turned to the safety of the US dollar as the opening of a US Supreme Court vacancy fueled concern about the increasingly contentious American presidential election.

Kotak Securities in a note discussed the extra focus on virus-based concerns on US-China tensions, Brexit negotiations and US fiscal stimulus creating pressure on the US dollar and general risk sentiment.

On Monday, US Fed chairman Jerome Powell said that the US central bank remains dedicated to using all the tools at its disposal to help the US economy recover from the blow delivered by COVID-19.

Today’s global market scenario saw gold rates edge higher following 3% slump last session. Today’s spot gold gained 0.3% to $1,918.20 per ounce. Previously, gold had dropped to more than a month low of $1,882.70 with US dollar soaing to a nearly six-week high. A firmer dollar makes bullion more expensive for holders of other currencies.

Suggestions from analysts are that gold today was aided by economic regards to latest COVID-19 limitations in many parts of Europe. The dollar index further slipped against competitors, after rising to its highest in more than a month on Monday.

Gold, which is often used as a safe store of value during times of political and financial uncertainty, has risen nearly 26% this year.

Compared with other metals, silver today profited 1.1% to $25 per ounce, platinum increased 0.6% to $886.20 and palladium rose 0.5% to $2,285.44.

Stocks and other assets such as gold sold off on Monday were on issues with renewed lockdown measures in Europe as well as the United States’ inability to agree on fiscal stimulus that would support millions of unemployed. Analysts say that investors also also turned to the safety of the US dollar as the opening of a U.S. Supreme Court vacancy fueled concern about the increasingly contentious American presidential election.

Kotak Securities in a note discussed the extra focus on virus based concerns on US-China tensions, Brexit negotiations and US fiscal stimulus creating pressure on the US dollar and general risk sentiment.

On Monday, US Fed chairman Jerome Powell said that the US central bank remains dedicated to using all the tools at its disposal to help the U.S. economy recover from the blow delivered by COVID-19.