Gold Price In India: Domestic gold futures edged lower amid a volatile session on Tuesday as investors awaited signs of whether a new US coronavirus stimulus package will be forthcoming before next month's presidential election. MCX gold futures (due for a December 4 expiry) moved in a range of Rs 50,491-50,790 before settling with a loss of 0.07 per cent at Rs 50,654 for the day. Silver futures, however, recovered initial weakness to end with a gain of 0.56 per cent at Rs 62,443. (Also Read: Is Silver The New Gold?)
Global benchmark price of gold was stable on Tuesday, hovering above the $1,900 per ounce mark. Comex gold futures were last seen trading at $1,904.90 an ounce and silver at $24.75 per ounce.
#Gold and #Silver Closing #Rates for 20/10/2020#IBJA pic.twitter.com/uk6BLV8nu2
Domestic spot gold closed at Rs 50,976 per 10 grams on Tuesday, and silver at Rs 62,178 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
The rupee ended marginally lower at 73.46 against the US dollar, despite weakness in the American currency overseas. The dollar index - which measures the US currency against six peers - was last seen trading 0.28 per cent lower. (Also Read: Gold "Dream Run" May Continue: Analysts)
What Analysts Say
"Gold rose shed some of yesterday's gains to end moderately higher... Gold may witness choppy trade as market players assess possibility of US stimulus deal however we expect buying interest to emerge at lower levels as increasing challenges to global economy amid rising virus cases and uneven economic recovery may increase gold's safe haven appeal," said Ravindra Rao, VP-head commodity research, Kotak Securities.
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