Gold Price In India: Domestic gold futures edged higher on Friday, as the country celebrated the Dhanteras festival. Multi Commodity Exchange (MCX) gold futures due for a December 4 delivery rose by Rs 65 – or 0.13 per cent – to Rs 50,665 at the strongest level recorded in early deals. Silver futures, however, declined by Rs 229 – or 0.37 per cent – to Rs 62,510. Fears over the economic fallout from mounting cases of COVID-19 overshadowed hopes of a vaccine, although the yellow metal was on track for its worst weekly performance since late-September.
MCX gold futures were last seen trading 0.05 per cent higher at Rs 50,625.00, while silver futures were down 0.26 per cent at Rs 62,574.00. (Also Read: Is Silver The New Gold?)
Globally, Comex gold futures traded 0.23 per cent higher at $ 1,877.60 per ounce, while silver futures were flat at $ 24.31 per ounce.
The rupee weakened by 27 paise – or 0.37 per cent – lower at 74.65 against the US dollar. The dollar index – which measures the greenback against six currencies – was up 0.04 per cent.
– IBJA (@ IBJA1919) November 12, 2020
Domestic spot gold closed at Rs 50,702 per 10 grams on Thursday, and silver at Rs 62,797 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewelers Association (IBJA).
What Analysts Say
“Gold trades higher supported by rising coronavirus cases and the European Central Bank’s support for additional measures. However, exchange traded fund outflows, progress on the vaccine front and uncertainty about US fiscal stimulus are weighing on the price,” said Ravindra Rao, VP- head commodity research at Kotak Securities.
“Gold may witness choppy trade amid mixed factors however general bias may be on the upside as rising coronavirus cases and hopes of additional stimulus measures may continue to support.”
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