Gold Price In India: Domestic gold futures edged higher to cross the Rs 50,050 mark in early trade on Tuesday, as weakness in the dollar overseas made the yellow metal cheaper for investors dealing in other currencies. At 9:40 am, Multi Commodity Exchange gold futures (due for a December 4 expiry) traded 0.29 per cent higher at Rs 51,079 while silver futures were up 0.81 per cent at Rs 62,410. Globally, Comex spot gold traded 0.24 per cent higher at $1,910.20 per ounce at the time, while silver was up 0.66 per cent at $24.58 per ounce. (Also Read: Is Silver The New Gold?)
The dollar index - which measures the US currency against six peers - was down 0.08 per cent, having declined as much as 0.11 per cent earlier on Tuesday. Despite weakness in the greenback, the rupee was down 0.34 per cent at 73.85 against the dollar.
#Gold and #Silver Closing #Rates for 26/10/2020#IBJA pic.twitter.com/BmfwlsOeNR
Domestic spot gold closed at Rs 51,238 per 10 grams on Monday, and silver at Rs 61,706 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Analysts say gold may remain rangebound until there is more clarity on more stimulus in the world's largest economy.
"Gold weakened as the US dollar index recovered from early September lows amid some upbeat economic data. Exchange traded fund outflows also show weaker investor interest. However, global growth worries are supporting the price amid rising coronavirus cases," 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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