New Delhi: Gold and silver prices edged lower in Indian markets ahead of US election. On MCX, gold futures were down 0.22% to ₹50,953 per 10 gram while silver edged lower to ₹61,942 per kg. Both gold and silver had risen in the previous session.
In global markets, gold prices were steady today after a sharp rise in the previous session. Spot gold was little changed at $1,892.51 per ounce as investors remained cautious ahead of the US presidential elections.
Gold was also supported by a softer dollar. The dollar index dipped 0.14% against a basket of currencies, having hit a one-month high on Monday.
In the previous session, gold prices had risen about 1%. Among other precious metals, silver fell 0.3% to $23.97 an ounce while platinum dropped 0.3% to $856.04 and palladium gained 0.2% to $2,216.45.
Polls continue to show Democratic nominee Joe Biden ahead, though battleground states remain tight. Investors are fretting about the possibility the outcome will be contested, which means a clear winner might not emerge for some time, weighing on market sentiment.
“All eyes set on the US election outcome. The second wave of Covid-19 has forced UK and France to call for another complete nation-wide lockdown.
Traders will also closely monitor FOMC meet. Hence in the eventful week, gold may stay supported,” said Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers.
Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell 0.14% to 1,255.92 tonnes on Monday from 1,257.67 tonnes on Friday.
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