Gold prices steadied on Wednesday as worries over rising cases of COVID-19 and expectations of possible inflation from more stimulus measures underpinned the metal.
Indian rupee ended marginally higher at 74.79 per dollar, amid selling seen in the domestic equity market.
It opened flat at 74.83 per dollar against Tuesday’s close of 74.83 and traded in the range of 74.73-74.89.
At 14:31 IST, the Sensex was down 327.34 points or 0.85% at 38165.61, and the Nifty was down 71.20 points or 0.63% at 11229.30.
Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States increased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.
The dollar languished near two-year lows on Wednesday as the United States struggled to contain its coronavirus epidemic, dashing hopes for a quick economic recovery and leading investors to question its relative economic strength.
Gold prices steadied on Wednesday as worries over rising cases of COVID-19 and expectations of possible inflation from more stimulus measures underpinned the metal, while investors awaited the U.S. Federal Reserve’s meeting outcome later in the day.
First Published on Jul 29, 2020 10:00 am