Gold trades above Rs 50,000; silver at Rs 62,500

Gold, Silver prices in India on October 20: Gold price fell on Tuesday after trading flat for two consecutive sessions, following weak global cues. However, the yellow metal continued to trade above Rs 50K mark in India as the safe-haven asset appealed to investors amid rising coronavirus cases.

Gold October Futures on the Multi Commodity Exchange-traded Rs 150 lower at Rs 50,820 after hitting an intraday high and low of Rs 50,626 and Rs 50,513, respectively.

Silver September Futures traded at Rs 61,837 per kg today, falling Rs 258 over the last close of Rs 62,095 per kg.

Gold price fell in global markets ahead of the deadline for Washington approached to reach an agreement on the US economic stimulus bill and as Europe registered record daily coronavirus infections.

Spot gold futures overseas fell 0.1% to $1,903.16 per ounce, while US gold futures were down 0.3% at $1,906.50. Silver fell 0.3% to $24.43 per ounce.

US House of Representatives Speaker Nancy Pelosi hoped that by the end of Tuesday there will be "clarity" on whether a coronavirus stimulus bill can be passed before the November 3 elections. Gold has risen 25% this year on the its appeal of being a hedge against inflation.

In another update, European Central Bank maintained an accommodative policy in response to the ongoing coronavirus crisis, ECB President Christine Lagarde said.

The dollar index fell 0.304% against its rivals, as the focus changed towards the US stimulus package.

The bullion has been steady in the last few trades as the recent spike in coronavirus cases across major economies added to the uncertainty over the global economic recovery.

The number of new COVID-19 cases in the United States and record daily coronavirus infections in Europe ignited concerns about more severe lockdowns, fuelling concerns over a sustained global economic recovery.

Worldwide, there were 406 lakh confirmed cases and 11.2 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 75-lakh mark and the death toll from COVID-19 infections rose to 1.15 lakh, as of today.

Gold price trades flat for second day; silver rates at Rs 61,500

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