Gold Price in IndiaDomestic gold futures climbed nearly 1 percent to Rs 50,700 on Friday as the yellow metal gained support amid concerns over rising COVID-19 cases in the US and Europe and uncertainty over the upcoming US presidential election. The Multi Commodity Exchange gold futures – due to expire on December 4 – closed up Rs 418, or 0.83 per cent, to close at Rs 50,700. Silver for the day rose by Rs 748 or 1.24 per cent to Rs 60,920. (Also read: Is silver the new gold?)
Globally, Comex Gold supported the weakness in the dollar. Gold rose 0.64 percent to $ 1,879.90 an ounce and silver rose 1.22 percent to $ 23.65 an ounce.
– IBJA (@ IBJA1919) October 29, 2020
According to Mumbai-based industry body India Bullion and Jewelers Association (IBJA), domestic spot gold closed at Rs 50,840 per 10 grams and silver at Rs 59,926 per kg – both on Thursday, excluding GST. The bullion market remained closed on Friday.
What do analysts say
Gold rose higher as the US dollar index halted after a month of testing. In addition, supporting the price is expected to be additional measures by the European Central Bank (ECB). Exchange-traded funds were transferred to investors, however, indicating lack of investor buying. “Said Ravindra Rao, VP-Head Commodity Research, Kotak Securities.
“Gold may be cut because market players remain noncompetitive before the US elections, although general bias may be on the downside unless we see a sharp improvement in the US Dollar Index.”