The safe haven of assets which has been extracting loss in this year, had skyrocketed to ₹56,200 per 10 gram in August, 2020.
PUBLISHED ON FEB 18, 2021 10:20 AM IST
After opening lower, the price of gold appreciated on the Multi Commodity Index (MCX) early on Thursday to trade slightly higher than Wednesday’s closing price.
When the trading began on Thursday, the gold opened with a lower price, but soon, it rose to trade at ₹46,436 per 10 gram. Silver witnessed a good start with a rise of ₹241 or 0.35 per cent to ₹69,472 per kg.
In the previous session, gold had closed at ₹46,237 per 10 gram while silver ended the day at ₹69,231 per kg.
The surge in US 10-year Treasury yields accompanied with increased factory production with a wave of optimism of global economic recovery has pushed the bullion to record a fall of more than six per cent in 2021. The non-interest bearing precious metal and prices has attracted losses after forming a so-called death-cross pattern, reported Bloomberg.
A death-cross pattern comes on a chart when the short term moving average of a security drops below its long term moving average.
The safe haven of assets which has been extracting loss in this year, had skyrocketed to ₹56,200 per 10 gram in August, 2020. Silver too had peaked to ₹77,800 during the same time.
In the international market, rate of spot gold rose marginally by 0.4 per cent to $1,782.61 per ounce after the lowest intraday trade on Wednesday. The bullion on Wednesday had recorded its lowest.
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