Gold and silver futures prices in the domestic market traded with gains for the fourth conservative day on Tuesday amidst a lot of uncertainty around elections in Georgia. This will decide whether or not it will be for US President-elect Joseph Biden. The runoff elections in Georgia are going to decide which party controls the US Senate. The Democrats winning would make it easier for Biden to create new policies like rewriting the tax code to boost stimulus.
According to HDFC Securities, gold rose Rs 877 to Rs 50,619 per 10 gram in the national capital in the spot market due to the gains in the metal prices on Monday. Silver also gained Rs 2,012 to Rs 69,454 per kg. On Tuesday, the gold prices became lower globally after hitting an eight-week high, just as the US dollar stopped its slide due to the Senate’s runoff elections in Georgia. This is going to decide the future path of fiscal stimulus in the world’s largest economy.
Spot gold was down by 0.2 percent to $1,938.11 per ounce by 0235 GMT, after it hit its highest since Nov. 9 at $1,945.26 earlier in the session, while U.S. gold futures had shed by 0.3 percent to $1,941.40.
On Monday, SPDR Gold Trust that is the world’s largest gold-backed exchange-traded fund said its holdings rose by 1.5 percent to 1,187.95 tonnes.
On Monday, speculators cut off positions in the COMEX gold and silver contracts in the week to 29th December, according to data. Silver also shed 0.3 percent to $27.12 an ounce. Platinum fell by 0.5 per cent to $1,064.29, and palladium gained 0.2 per cent at $2,377.05.