Gold Price Rise To Over Rs. 52000 On Biden Win; Expectation Of Larger US Stimulus

Gold prices in India on November 9, 2020 (Monday) in tandem with international markets have been trading firm after the democrat candidate Joe Biden occupies White House as the country's 46th President, driving hopes a larger stimulus to bail out the coronavirus-battered US economy.

On the MCX, at around 1:00 pm, gold futures for December delivery traded above Rs. 52000 at Rs. 52305, up 0.26% or Rs. 138. Also, in line, silver after steep correction recorded over the last few weeks is again trading above Rs. 65000 per kg.

International gold rates

In the international markets, owing to a weaker dollar which was close to its over 2-month low, spot gold climbed 0.1 percent to $1953.45 per ounce. In the previous session, gold prices hit its highest in over 2 years to $1960.13 per ounce. Also, US gold futures gained 0.2%.

Even before the election outcome, experts suggested that Trump's win will push up the dollar and now as Joe Biden has taken over the US Presidency, the greenback is losing ground on predicted lines.

Gold Consumption In China Rises Sequentially, While Dealers In India Expect 70% Of Last Year's Sale During Festivities

In China i.e. the biggest consumer of gold world over after an awful quarter one, registered an increase in consumption of 28.71 QoQ to 224.8 tonnes in the September quarter.

Also, back home Sovereign Gold Bond Series 2020-21 Tranche VIII is open for subscription from today until Friday. After considering a discount of Rs. 50 per gm on the purchase of SGB via the digital route, investors will be able to secure SGBs at a discounted price in comparison to current market rate.

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