Gold Prices Fell Today in India
Gold prices fell today in India after rising closer to record highs in the previous session. Last week, gold prices had surged to a record high of ₹48,982 per 10 gram.
In global markets, gold prices were steady at over eight-year high boosted by safe-haven demand due to surging coronavirus cases across the world. Expectations of more stimulus measures to prop up the economies also helped support gold.
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Spot gold was steady at $1,793.56 per ounce. In the US, the total number of coronavirus cases was near the 30 million marks while the death toll jumped above 1.31 lakh, according to Johns Hopkins University website.
US Federal Reserve officials have expressed concern that the renewed spread of coronavirus may threaten the pace of the recovery, pledging more support for the economy. Considered as a hedge against inflation and currency debasement, non-yielding gold benefits from widespread stimulus measures.
The holdings of SPDR Gold Trust, the world’s largest gold-backed ETF or exchange-traded fund, rose 0.66% to 1,199.36 tonnes on Tuesday.