Gold Rate Today: Comex gold was last seen trading 0.69% higher at $1,928.60 per ounce
Gold Price In India: Domestic gold futures moved higher on Wednesday tracking a one-week high in the global benchmark, as the dollar eased on renewed hopes for a new US stimulus package ahead of next month's election. MCX gold futures (due for a December 4 expiry) gained by Rs 369 - or 0.72 per cent - to settle at Rs 51,279 for the day. Silver futures went up by Rs 526 - or 0.83 per cent - to Rs 63,650. (Also Read: Is Silver The New Gold?)
Spot gold trading on Comex was last seen trading 0.69 per cent higher at $1,928.60 per ounce, having earlier risen to $1,931 per ounce, its highest intraday level recorded since October 13.
Silver was up 1.06 per cent at $25.25 per ounce, near its intraday high.
The dollar index - which gauges the US currency against six peers - was down 0.41 per cent, having earlier declined 0.46 per cent to a one-month low. Weakness in the dollar makes the yellow metal less expensive for those dealing in other currencies.
#Gold and #Silver Closing #Rates for 21/10/2020#IBJApic.twitter.com/YS04xKfkqc
— IBJA (@IBJA1919) October 21, 2020
(Also Read: Gold "Dream Run" May Continue: Analysts)
Domestic spot gold closed at Rs 51,366 per 10 grams on Wednesday, and silver at Rs 63,263 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
The rupee ended marginally lower at 73.58 against the US dollar.
What Analysts Say
"Despite recent gains, gold continues to hold within its recent trading range of $1,880-1,935/oz and we may see directionless trade continuing unless there are fresh triggers," said Ravindra Rao, VP-head commodity research, Kotak Securities.
