Gold Futures Price: Know today's rates

Daniel Fowler
March 26, 2020

Generally in times of market stress the gold price rises, however, global investors had been short of cash and were selling all assets which pushed the gold price down.

Logistical disruptions and shutdown of refineries caused by the coronavirus pandemic has led to a divergence of prices in New York, London and other parts of the world, with traders anxious about getting supply. The move offers a way to address the squeeze, if holders of Comex futures are willing to exchange for the new contract.

Gold jewellery prices vary in different parts of India - the second largest consumer of the precious metal - due to factors such as excise duty, state taxes and making charges.

Other precious metals also extended gains. Typically, gold shares an inverse relation with equities.

Spot gold jumped 4.1 per cent to $US1,559.55 an ounce.

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Gold prices in India rose on Monday despite a falling trending in the global market, as the rupee weakened.

Gold extended a surge toward $1,600 an ounce after the Federal Reserve took unprecedented measures to protect the US economy from the coronavirus shock, with Goldman Sachs Group Inc. saying bullion's probably at an inflection point and it is time to buy.

"The overall concern here is how much more gold do investors need to sell to cover living expenses - it's a psychological thing where people continue to sell for cash", said Stephen Innes, chief market strategist at financial services firm AxiCorp. "Gold's rise from the recent lows has rekindled investor interest and while overall trend looks positive price is still struggling to break and sustain above $1700/ounce level", the brokerage added. Having been in excess of $20 an ounce on Tuesday, bid-ask spreads are now down to around $6 an ounce.

In the worldwide market, spot gold fell 0.2 percent to $1,494.63 per ounce after rising as much as 3.1 percent in the previous session. Meanwhile, the U.S. Senate approved a historic $2 trillion rescue plan to respond to the economic and health crisis caused by the pandemic.

Spot gold fell 0.6 per cent to $1,604.16 per ounce by 0038 GMT. That was the metal's biggest gain since 1997, as the prospect of mine shutdowns in South Africa raised concerns of a widening global deficit.

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