Gold Price Today, 8 March 2021: Gold rates recover from nine-month low, here’s why

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New Delhi: Gold prices are indicating signs of recovery, with rates correcting from 9-month lows.

Gold prices rose on Monday, recovering from a near nine-month low hit in the previous session, as a passage of the long awaited $1.9 trillion U.S. coronavirus relief package boosted the metal`s appeal. Spot gold rose 0.3% to $1,705.62 per ounce by 0041 GMT, after hitting its lowest since June 8 at $1,686.40 on Friday. U.S. gold futures climbed 0.3% to $1,703. Further supporting bullion, U.S. 10-year yields held below a one-year peak hit on Friday, while the dollar eased, a Reuters report said.

Speculators cut their bullish positions in COMEX gold and silver contracts in the week to March 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Silver rose 0.8% to $25.38 an ounce. Palladium climbed 0.4% to $2,348.44. Platinum gained 0.7% to $1,137.42, Reuters added.

Gold prices on Friday tumbled by Rs 522 to Rs 43,887 per 10 grams in the national capital, due to muted trend in the international markets. The precious metal had closed at Rs 44,409 per 10 grams in the previous trade.

Silver crashed by Rs 1,822 to Rs 64,805 per kilogram as compared with the close of Rs 66,627 per kg on Thursday.

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With Agency Inputs





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