Gold Price In India: Domestic gold futures gained nearly 1 per cent to regain the Rs 50,700 mark on Friday, as concerns about rising COVID-19 cases in the US and Europe and uncertainty over the upcoming US presidential election supported the yellow metal. Multi Commodity Exchange gold futures – due for a December 4 expiry – rose by Rs 418 or 0.83 per cent to settle at Rs 50,700. Silver followed suit, gaining by Rs 748 – or 1.24 per cent – for the day to Rs 60,920. (Also Read: Is Silver The New Gold?)
Globally, Comex gold took support from weakness in the dollar. Gold climbed up 0.64 per cent to $1,879.90 per ounce, and silver rose 1.22 per cent to $23.65 per ounce.
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Domestic spot gold closed at Rs 50,840 per 10 grams on Thursday, and silver at Rs 59,926 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). The bullion market remained shut on Friday for a holiday.
What Analysts Say
“Gold trades higher as the US dollar index stalled after testing near one-month high. Also, supporting the price is expectations of additional measures by European Central Bank (ECB). Exchange traded fund investors however moved to sidelines indicating lack of investor buying,” said Ravindra Rao, VP-head commodity research, Kotak Securities.
“Gold may remain choppy as market players remains non-committal ahead of US elections however general bias may be on the downside unless we see a sharp correction in US dollar index.”