Gold, Silver Price In India: Domestic gold and silver futures recovered all of the day’s losses to eke out mild gains on Monday, tracking global prices of the precious metals. Multi Commodity Exchange’s gold contract – expiring December 4 – ended 0.10 per cent higher at Rs 50,623, whereas the silver futures (also December 4) rose 1.07 per cent to Rs 61,797, having traded in the negative zone for most of the session. (Also Read: Is Silver The New Gold?)
In the international market, Comex gold and silver futures inched up as the dollar weakened, although gains were limited as news that US President Donald Trump, receiving treatment for COVID-19, could be released from hospital boosted risk sentiment.
Spot gold edged higher to $1,920.40 per ounce during Monday’s session, whereas silver climbed up marginally to $24.61 per ounce.
Global stocks rose on Monday after news that Mr Trump could be discharged from hospital as soon as Monday, although outside experts warned that his case may be severe.
The US dollar index – which gauges the greenback against six currencies – was down 0.3 per cent against rivals, making gold cheaper for holders of other currencies. Yet, the rupee inched lower to close at 73.29 against the US currency.
— IBJA (@IBJA1919) October 5, 2020
Back home, spot gold settled at Rs 50,498 per 10 grams on Monday, and silver at Rs 60,111 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). (Also Read: Gold “Dream Run” May Continue: Analysts)
Gold has been one of the most consistent gainers through the six months of coronavirus pandemic-led turmoil in financial markets.