Economy

Gold Futures Price: Know today's rates

Gold Futures Price: Know today's rates”

The precious metal is rising along with risk assets, amid renewed hopes that the U.S. Congress will pass a spending package that, together with the Federal Reserve's massive stimulus program, could ease the impact from the coronavirus.

On the Comex market in NY, gold for delivery in April, the most active contract, rocketed by as much as $131 an ounce or 8.4% compared to Monday's close, to trade at $1,698 an ounce by midday before paring some of those gains in early afternoon trade. Speaking of worldwide level, according to Bloomberg, The global spot price of gold was down 0.45 percent, or $ 6.71, at $ 1491.94 an ounce on Monday morning at 10.40 am.

United States gold futures climbed 1.6 per cent to $1,687.30.

"The market reacted instantly with equities and gold soaring behind the Fed's new "Draghi" approach".

Reuters quotes Goldman Sachs on Tuesday as saying inflationary concerns triggered by the central bank policy response to the coronavirus outbreak should underpin gold prices this year as the "currency of last resort".

Meanwhile, almost one in three Americans were ordered to stay home to slow the spread of the disease, while Italy banned internal travel as deaths there reached 5,476 and China reported 46 new cases on Sunday that were mostly imported from overseas.

The precious metal jumped, rallying with risk assets, after the USA central bank said on Monday it would buy unlimited amounts of Treasury bonds and mortgage-backed securities to keep borrowing costs low. "We are in unprecedented times and nothing can be justified", said CMC Markets analyst Margaret Yang Yan.

Gold has dropped almost 2 per cent so far this month, as a collapse in stock markets drove investors to liquidate bullion to meet margin calls and to keep their money in cash.

After days of consolidation, gold has come out of the $1450-1550/ounce range, Kotak Securities said in a note. This more than 10pc rise would take the value of the precious metal close to its peak of $1,900.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 1.3 per cent to 935.98 tonnes on Tuesday.

Platinum gained 3.8 per cent to $US634.32 per ounce, while palladium rose 1 per cent to $US1,658.50.



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