Gold and silver prices in India gained in Wednesday's session (October 21, 2020) tracking firm global rates. On the MCX, gold futures for December delivery traded with gains of 0.46 percent or Rs. 232 at Rs. 51142 per 10 gm. Silver prices also went higher by 0.63 percent or Rs. 396 to Rs. 63520 per kg.
In the global markets, gold prices moved higher on softer dollar and increased hopes of a fresh US stimulus before the US Presidential elections in November.Spot gold jumped 0.3% to $1,912.11 per ounce by 0039 GMT. US gold futures remained steady at $1,916.40. The dollar index was down by a tad 0.1% against rival currencies.
The White House and Democrats are close to decide on the new coronavirus relief after the US President Trump showed his willingness to approve a larger stimulus even as his own Republican Party is against it.
Back home, return of positive momentum in gold is largely on account of fresh positions being created in the precious yellow metal by participants on healthy spot demand. Fresh positions built up by participants led to the rise in gold prices, analysts said.