Gold and silver prices fell today in Indian markets, following the drop in world rates. On MCX, December gold futures fell 0.2% to ₹50,584 per 10 grams, while silver futures fell 0.35% to ₹61,882. In the previous session, gold prices had risen 0.24% while silver had risen 0.6%. Globally, gold prices have lost momentum over the past two months amid a recovery in the US dollar and uncertainty over US stimulus talks. In India, gold prices had reached a record high of ₹56,200 in August.
In global markets, gold rates fell weighed down by a stable US dollar. Spot gold fell 0.1% to $ 1,903.16 an ounce. On the other hand, gold losses were limited as investors had some hope of a deal on the US stimulus talks. A spokeswoman for House Speaker Nancy Pelosi said differences were closing in. cutting back on conversations.
Among other precious metals, silver fell 0.3% to $ 24.43 an ounce, platinum and palladium were up 0.1% to $ 856.85
US House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin “continued to narrow their differences” on a new aid package, Pelosi spokesman Drew Hammill wrote on Twitter.
“The president continues to hope that, by the end of Tuesday, we will have clarity on whether we can pass a bill before the elections.” the spokesperson wrote.
Entries to gold ETFs remained uneven as investors waited for more clues as to the direction of the price trend. SPDR Gold Trust, the world’s largest gold-backed gold ETF or exchange-traded fund, said its holdings rose 0.02% to 1,272.85 tonnes on Monday from 1,272.56 tonnes on Friday.
“Expectations of more fiscal stimulus measures by the US ahead of the elections and unresolved tensions between the US and China continue to support gold. However, easing of safe-haven demand amid hopes of a global economic recovery would affect major rallies in commodities, “said Hareesh V, Director of Commodity Research, Geojit Financial Services.
Gold (London Spot) has support at $ 1840, while it is required to break above $ 1920 to continue major rallies, he added.
Gold traders will review the progress of the Brexit trade talks and the final presidential debate ahead of the US elections. Trade talks on Brexit are likely to continue until at least next week if the UK and the EU fail to reach an agreement while the presidential debate between President Donald Trump and former Vice President Joe Biden takes place on Thursday. (With contributions from the agency)
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