Gold prices today rise for 3rd day but still down ₹5000 from record highs: Here is today rate

New Delhi:Gold prices edged higher in Indian markets, extending gains to the third day on signs that US lawmakers could agree on a new stimulus package before the November 3 election.

December gold futures on MCX rose 0.27% to ₹51,047 per 10 gram while silver futures gained 0.6% to ₹63,505 per kg. In the previous session, gold had risen by about 0.45% while silver jumped 1.6%.In global markets, gold rates edged higher on renewed hopes of a US stimulus package. Gold was also supported by a weak US dollar.

Spot gold rose 0.3% to $1,912.11 per ounce while silver gained 0.7% to $24.82 per ounce and platinum rose 0.3% to $873.89.The dollar index was down 0.14% against rivals, making gold cheaper for holders of other currencies.US House of Representatives Speaker Nancy Pelosi said on Tuesday said she remains hopeful of a stimulus agreement this week.

The White House has upped its offer by $80 billion to $1.88 trillion, which is still short of the Democrats’ $2.2 trillion plan, but Donald Trump has said he is willing to go even higher. Still, Senate Majority Leader Mitch McConnell has warned the White House against a bigger Pelosi-led deal before November 3.

Gold also benefitted from safe haven buying amid increasing virus cases which has forced countries to impose more restrictions and mixed economic data from major economies, the brokerage said.Gold is considered a hedge against inflation and currency debasement amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic.

ETF investors continued to remain on sidelines, awaiting broad direction of gold’s trend. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell 0.23% to 1,269.93 tonnes on Tuesday.