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Gold and Silver prices increase in Indian markets. The revenue generated from buying jewellery will partially be used towards positive global causes as new corona virus-related restrictions in some countries are lifted to appeal precious metals.

MCX prices edged up higher to 49,035 per 10 gram. During February, 2020, silver pries increased by 0.26% and gold prices have been slumped down to about 0.8%. In global markets, gold prices edge higher today because investors assessed the likelihood for further virus-related economic restrictions during the increasing COVID-19 cases in many countries. Towards the end of the year, gold and silver prices began to rise by a gradual 0.2% an ounce.

Vaccine roll outs weighed on gold prices which were what gains depended on, despite the rising corona virus cases. Because of the increasing COVID-19 deaths and cases, Asian equity markets drifted lower but this is overshadowed by the optimism about the roll-out of corona virus vaccinations.

Gold traders around the world are now waiting for policy meetings of Reserves and Banks starting this week. USA AND England will be participating in discussions with the US Federal Reserve and the Bank of England respectively.

Gold is always seen as a hedge against inflation and currency debasement. Market participants are also keeping a close watch on countries talks about the fiscal corona virus stimulus package for further updates.

By Meena Atmakuri