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Gold price rises as coronavirus cases jump; silver at Rs 62,400

Gold, Silver prices today: In the Indian commodity market, gold futures traded above the key psychological level of Rs 50K after 2 days of consolidation

twitter-logoBusinessToday.In | October 27, 2020 | Updated 12:47 IST
Gold price rises as coronavirus cases jump; silver at Rs 62,400
Gold, Silver prices in India on October 27: Overseas, spot gold gained 0.3% to $1,908.02 per ounce, while US gold futures were up 0.3% at $1,911.20

Gold, Silver prices in India on October 27: Gold prices traded in green this morning backed by weakness in the dollar and due to concerns over rising coronavirus cases across the globe.

In the Indian commodity market, gold futures traded above the key psychological level of Rs 50K after 2 days of consolidation. Bullion steadied overseas from recent fall and retreated to $19,00 mark today as record Covid-19 cases from many countries, including the United States, Russia and France kept demand high for the less risky asset.

On MCX, Gold price traded Rs 60 higher at Rs 50,990 today over its previous close of Rs 50,930 per 10 gm. Silver September Futures traded Rs 440 higher at Rs 62,347 per kg today.

Overseas, spot gold gained 0.3% to $1,908.02 per ounce, while US gold futures were up 0.3% at $1,911.20. Silver climbed 0.7% to $24.48 per ounce.

The dollar index fell to a one-month low against a basket of major currencies, amid news of renewed government spending in US economy.

Worldwide, there were 437 lakh confirmed cases and 11.64 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 79-lakh mark and the death toll from COVID-19 infections rose to 1.19 lakh, as of today.

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Many European nations reinforcing lockdown and coronavirus cases hitting record highs in the U.S. dented markets risk appetite and shifted the investors towards the safe-haven asset, Gold. U.S. House Speaker Nancy Pelosi continued to hope for a possible deal with President Donald Trumps administration over the relief fund. She also vowed to continue going after financial aid for the U.S. economy which was shackled by the pandemic irrespective of the outcome of the U.S. elections. Weaker U.S. Dollar amid worries over the implacable virus might drive the investors under the safe haven for gold."

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