iStockCommodity Summary
MCX
NEW DELHI: Gold and silver prices were trading with cuts in Monday's session amid renewed vaccine hopes by year-end. Meanwhile, possibility of a US stimulus package before election day capped losses.
House Speaker Nancy Pelosi said on Sunday that differences remained with President Donald Trump's administration on a wide-ranging coronavirus relief package but that she was optimistic legislation could be pushed through before the Nov. 3 presidential election.
Gold futures on MCX were down 0.22 per cent or Rs 110 at Rs 50,437 per 10 grams. Silver futures fell 0.67 per cent or Rs 416 to Rs 61,260 per kg.
In the spot market, halting its three-day fall, gold in the national capital rose Rs 324 to Rs 51,704 per 10 grams on Friday, supported by strength in the global precious metal prices, according to HDFC Securities. Silver also gained Rs 1,598 to Rs 62,972 per kilogram.
Globally, gold prices were steady near the key $1,900 per ounce level in early Asian trade on Monday supported by expectations of a new US stimulus package before Election Day.
Spot gold was little changed at $1,900.21 per ounce by 0058 GMT. US gold futures were down 0.2 per cent at $1,902.90.
Physical gold dealers in India continued to stock up last week ahead of an expected festival sales bump, while the Golden Week in top consumer China did little to revive bullion demand.
Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.27 per cent to 1,272.56 tonnes on Friday.
Speculators decreased their bullish positions in COMEX gold and silver contracts in the week to Oct. 13, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Silver rose 0.1 per cent to $24.20 per ounce, platinum rose 0.2 per cent to $862.09 and palladium rose 0.3 per cent to $2,338.99.
House Speaker Nancy Pelosi said on Sunday that differences remained with President Donald Trump's administration on a wide-ranging coronavirus relief package but that she was optimistic legislation could be pushed through before the Nov. 3 presidential election.
Gold futures on MCX were down 0.22 per cent or Rs 110 at Rs 50,437 per 10 grams. Silver futures fell 0.67 per cent or Rs 416 to Rs 61,260 per kg.
In the spot market, halting its three-day fall, gold in the national capital rose Rs 324 to Rs 51,704 per 10 grams on Friday, supported by strength in the global precious metal prices, according to HDFC Securities. Silver also gained Rs 1,598 to Rs 62,972 per kilogram.
Globally, gold prices were steady near the key $1,900 per ounce level in early Asian trade on Monday supported by expectations of a new US stimulus package before Election Day.
Spot gold was little changed at $1,900.21 per ounce by 0058 GMT. US gold futures were down 0.2 per cent at $1,902.90.
Physical gold dealers in India continued to stock up last week ahead of an expected festival sales bump, while the Golden Week in top consumer China did little to revive bullion demand.
Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.27 per cent to 1,272.56 tonnes on Friday.
Speculators decreased their bullish positions in COMEX gold and silver contracts in the week to Oct. 13, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Silver rose 0.1 per cent to $24.20 per ounce, platinum rose 0.2 per cent to $862.09 and palladium rose 0.3 per cent to $2,338.99.
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