Business Desk, Amar Ujala, New Delhi
Updated Fri, 16 Oct 2020 10:09 AM IST
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Price is so high in global markets
Spot gold fell 0.1 percent to $ 1,906.39 an ounce in global markets today amid uncertainty over the dollar and the US stimulus package. It has fallen more than one percent so far this week. Among other precious metals, silver fell 0.2 percent to $ 24.26 an ounce, while platinum rose 0.2 percent to $ 866.05. Gold is trading in a limited range this month due to uncertainty between the prospects of the US stimulus deal being passed ahead of the November 3 presidential election. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange traded fund (ETF), fell 0.15 per cent to 1,276.06 tonnes on Thursday.
Analysts say concerns over uneven global economic recovery may cause gold price to fluctuate. Analysts at Kotak Securities said in a note, ‘The US dollar is seen as a safe haven asset’.
Sovereign Gold Bond Scheme deadline today
The Reserve Bank of India (RBI) has fixed the issue price of gold bonds at Rs 5,051 per gram. The Sovereign Gold Bond Scheme is open from October 12 to October 16 for the series – seven subscriptions of 2020-21. That is, today is the last date for investment. The RBI said in a statement, “The value of the bond is Rs. 5,051 per gram based on the average closing price of 999 purity gold in the last three trading days of the previous week from the subscription period”.