Gold, Silver prices in India on October 29: Gold price in India steadied for the second session on Thursday and traded above the 50K mark, in line with global commodity markets amid rising coronavirus cases and uncertainty ahead of US presidential elections.
Coronavirus cases continue to rise in many countries, with many states temporarily halting the reopening of their economies to stem the outbreak. Concerns over the economic impact of rising coronavirus infections have led to less participation of investors in broader equity indices, and more inclination towards precious commodities.
On MCX, Gold price traded flat at Rs 50,455 today, over its previous close of Rs 50,495 per 10 gm. Silver September Futures traded higher by Rs 87 at Rs 60,149 per kg today.
Spot gold rose 0.2% to $1,881.16 per ounce, after falling as much as 2% on Wednesday, while Comex Gold was flat at $1,879.80 per ounce. US gold futures were up 0.2% at $1,882. Silver was flat at $23.41 per ounce.
Gold, which is considered as a hedge against inflation and currency debasement has been trading range bound in the last few weeks amid uncertainty around US elections and the fading possibility of additional stimulus.
In India, coronavirus cases neared 80-lakh mark with total deaths standing at 1.20 lakh. Worldwide, there were 447 lakh confirmed cases and 11.79 lakh deaths from COVID-19 outbreak.
Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said," Yesterday Gold prices corrected by 0.91% and closed at 50495 levels and silver corrected by 3.44% and closed at 60138 levels. In international market gold is trading at $1880 per ounce and silver is trading at $23.40 per ounce."
" Strength in dollar pressurised gold and silver prices. After multiple failed attempts over striking a deal with the Democrats, President Donald Trump stated that any agreement on the virus relief fund will take place after November'20 elections. The U.S. Currency further strengthened against the basket of currencies as fresh pandemic triggered curbs in Europe weighed on the Euro. Investors also took shelter under the Dollar as spike in the coronavirus cases around the globe clouded the global economic outlook, " Gupta added.