Gold Gains Marginally On Weak Dollar; Economic Growth Concerns Continue To Weigh

Gold prices on Tuesday (October 6, 2020) in India traded mixed as risk sentiment improvement Trump's return to the White House. Nonetheless, weakness in dollar as well as uncertain economic growth kept the outlook on gold upbeat.

Gold Gains Marginally On Weak Dollar; Economic Growth Concerns Continue To Weigh

In the futures market, gold at 4:02 pm was quoting higher by 0.34% or Rs. 174 at Rs. 50800 per 10gm, while silver was also up at 0.02% or Rs. 11 at Rs. 61952 per kg.

In the global markets, gold prices remained steady after hitting an almost two-week high as the weakness in dollar was largely offset economic crisis. Spot gold maintained above $1912 per ounce levels by 0108 GMT.

At the same time, there is progress being made on the US stimulus package and there is likely a talk today between Nancy Pelosi US House Speaker as well as Treasury Secretary today.

Meanwhile, for the September month India's gold imports fell 59 year on year to hit an almost 4-month low.

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