Rise in gold prices despite the stronghold on the dollar

Though there is an increase in the spread of covid-19, the prices of gold did not fluctuate in some regions. In the last couple of weeks, the prices remained in the range.

Gold and silver experienced a rise after fall in the past few days.

There was a rise in gold futures by 0.4%along with silver by 0.34%. The price per 10 grams of gold is ₹44,835 and ₹65,190 per kg for silver.

The treasury yields went down and touched the lowest since March 16, 2021. Also, the dollar moved up after the statement produced related to the mild rise in inflation.

Last year the prices of gold were high and marked the record with ₹56,200 per 10 gram.

According to an analyst Asia have more customers to buy gold as there is a reduction in gold prices. They may expect that the price may rise in the future.

Additionally, on Tuesday US Treasury Secretary Janet Yellen formulated a statement regarding the increase in corporate taxes. President Joe Biden is looking forward to raising the current tax amount. Moreover, he announced the infrastructure development to generate more jobs and maintain the climate.

Yellen specified that the White House perchance increase the tax by 28 percent. They aim towards increasing the business in the United States.

In the case of a high tax amount, there is a chance of a rise in the demand for bullion.

Palladium moved down to 0.1% at $2,601.96, silver experienced upward movement of 0.3% to $25.16. Platinum was constant at $1,168.


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