Gold Steady Above Rs. 50000 Per 10 Gm, Silver Prices Fall

Gold prices in India on September 30, 2020 hold steady even as internationally rates edge lower. On the MCX, gold futures for October delivery quotes unchanged at Rs. 50681 per 10 gm, while silver is quoting lower by 1.83% or Rs. 1146 at Rs.61320 per kg.

In the international market gold receded lower in early trade as investors awaited details on the first U.S presidential debate. Nonetheless, hopes of a fresh US stimulus to tackle the economic slowdown due to the pandemic curbed huge losses for the precious metal.
Spot gold was trading lower by 0.1% at $1,896.03 per ounce by 0034 GMT, having hit a one-week high of $1899.12 previously. US gold futures too were dragged lower 0.1% to $1889.7.

The dollar index lost 0.1% against rival currencies.

The first presidential debate between US President Trump and Democratic contender Joe Biden is set to commence shortly.

On Tuesday, US House Speaker Nancy Pelosi iterated that she is hopeful that another round of the US coronavirus stimulus will be decided with the White House this week.

Also on the sidelines, New York Federal Reserve President on Tuesday made a remark that the recovery of US from the pandemic-led slowdown has been stronger than anticipated but still it could take nearly three years time for the economy to be up and running with its full vigour.

Back in India, demand for gold is seen improving as evident from narrowing of price gap between international and domestic rates.

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