Gold Price Above Rs. 51000 Even As Gold Rates Soften Globally

Gold price in India on October 12, 2020 were up even as internationally the yellow metal lost some ground. In the futures market, gold on the MCX was hovering higher above Rs. 51000 per 10 gm, while silver too inched higher by 1.72 percent or over Rs. 1000 to Rs. 63966 per 10 gm.

On Monday , gold prices in the international market softened as dollar strengthened and there has been a delay in the release of the US coronavirus stimulus package.

Spot gold is trading weak by 0.2 percent after touching a 3-week high
At $1925 per ounce. Nonetheless gold futures also moved higher.

On Sunday, the US President called on Congress to clear a coronavirus stimulus bill with the help of leftover funds as negotiations on a wider package is facing resistance. Previously, Trump after relieving from the hospital on contracting coronavirus called off coronavirus stimulus related talks until after the US elections.

Also, Trump iterated that he has fully recovered from the infection and does not carry any risk of infecting any other person.

On the Brexit deal, British PM Boris Johnson told French President on Sunday that every avenue is being evaluated to real a deal with the European Union.

Back home, India is now after a substantial time is now selling gold at a premium in the anticipation of customers' returning to purchase gold amid the festivities and declining price.

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