Gold price trading above Rs 50K; silver rates at Rs 61,650

Gold, Silver prices in India on November 1: Gold prices were trading bit lower on Tuesday near the key psychological level of Rs 50K amid uncertainty over US Presidential election and rise in coronavirus across the globe.

In a volatile trading session, Gold October Futures on the Multi Commodity Exchange fell by Rs 170 to trade at Rs 50,898, after yesterday's close of Rs 51,067.

Silver September Futures, traded Rs 350 lower at Rs 61,670 per kg today after they touched an intraday low of Rs 61,612 per kg.

Comex Gold traded flat at $1,890.40, while US gold futures were little changed at $1,892.00 per ounce. Spot gold prices were down 0.1% at $1,892.52 per ounce. Silver was also little changed at $24.03 per ounce.

As per analysts, investors can anticipate gold to see volatile price swings on today as US election fuels market volatility. Gold prices traded below $1,900 mark overseas although, both dollar and gold held ground as investors watched the outcome of US elections, hoping a win by challenger Joe Biden in the presidential race might lead to more economic stimulus.

Moreover, rising COVID-19 cases helped cap losses in the safe-haven asset.

Gold, viewed as a hedge against inflation and currency debasement has risen over 24% this year, supported by unprecedented monetary stimulus from major central banks. Fresh rounds of coronavirus-induced lockdowns across Europe and the US have underpinned the need for more stimulus, to help recover from the sluggish pace of the global economy.

Worldwide, there were 473 lakh confirmed cases and 12.11 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 82-lakh mark and the death toll from COVID-19 infections rose to 1.23 lakh, as of today.

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