Domestic Gold Futures Hold Rs 52,020 Mark Amid Volatile Trade

4 weeks ago 10

 Domestic Gold Futures Hold Rs 52,000 Mark Amid Volatile Trade

Gold Rate Today: Spot gold settled at Rs 52,473 per 10 grams on Friday

Gold Price In India: Domestic gold futures finished a volatile session on Friday nearly unchanged but managed to hold the Rs 52,000 mark, tracking benchmark rates amid sluggish movement in benchmark rates as investors awaited more clarity on US election results. Multi Commodity Exchange (MCX) gold futures, due for expiry on December 4, moved within a range of Rs 51,711-52,450 during the session before settling at Rs 52,020, down 0.07 per cent for the day. Silver futures, however, ended 1.07 per cent higher at Rs 64,938.

Benchmark Comex gold futures were last seen trading 0.22 per cent lower at $1,942.50 per ounce, as the dollar weakened and increasing chances of a Joe Biden victory in the US presidential election boosted hopes for a larger coronavirus relief bill. Silver rose 0.75 per cent to $25.38 per ounce. (Also Read: Is Silver The New Gold?)

The dollar index - which measures the US currency against six peers - reversed initial gains to depreciate 0.19 per cent. That helped the rupee rise against the greenback for a second straight day to 74.20. 


Analysts also say concerns about rising COVID-19 cases in the US and Europe are supporting gold. 

#Gold and #Silver Closing #Rates for 06/11/

— IBJA (@IBJA1919) November 6, 2020

Domestic spot gold closed at Rs 52,473 per 10 grams on Friday, and silver at Rs 65,845 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). 

What Analysts Say

"Gold remains supported by central bank stimulus measures including the Bank of England's bond purchases and the Federal Reserve's commitment to support the economy. Possibility of a contested US election has also increased gold's safe-haven appeal. Exchange traded fund flows, however, show lack of investor buying," said Ravindra Rao, VP-head commodity research, Kotak Securities.

"Gold along with other asset classes may remain choppy as the US election results are assessed however general bias may be on the upside amid expectations of additional stimulus measures."

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