Gold Price In India: Domestic gold futures gained on Friday to regain the Rs 51,000 mark tracking global spot rate, which reclaimed the $1,900 per ounce level. The dollar weakened and investors hedged against uncertainties surrounding the coronavirus pandemic and the November 3 US presidential election, supporting gold rates. Multi Commodity Exchange (MCX) gold futures - due for a December 4 expiry - appreciated by Rs 264 (0.52 per cent) to touch Rs 51,030 during the session. MCX silver futures followed suit, climbing by Rs 451 - or 0.72 per cent - to Rs 63,066.
MCX gold and silver futures settled at Rs 51,010 (up 0.48 per cent) and Rs 63,015 (0.64 per cent) for the day. (Also Read: Is Silver The New Gold?)
Globally, Comex spot gold rose to as high as $1,917.30 per ounce, from its previous close of $1,904.60 per ounce, and silver moved 1.09 per cent higher to $24.98 per ounce.
House Speaker Nancy Pelosi on Thursday reported progress in talks with the Trump administration for another round of fiscal aid and a deal could be reached "pretty soon".
The dollar index - which gauges the greenback against six currencies - was last seen trading 0.24 per cent lower, making the yellow metal less expensive for those dealing in other currencies. The rupee settled marginally lower at 73.60 against the US currency.
#Gold and #Silver Closing #Rates for 23/10/2020#IBJA pic.twitter.com/yQ0g8eIwao
Domestic spot gold settled at Rs 51,223 per 10 grams for the day, and silver at Rs 62,545 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What Analysts Say
"Gold weakened as the dollar index recovered from early September lows amid some upbeat economic data. Exchange traded fund (ETF) outflows also show weaker investor interest. However, supporting price is global growth worries amid rising virus cases. Gold may witness choppy trade along with the US dollar and equity markets until there is more clarity on US stimulus," said Ravindra Rao, VP-head commodity research, Kotak Securities.
"The general bias however remains on the upside as concerns about the US economy may keep pressure on the US dollar."
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