ThinkStock PhotosNEW DELHI: Gold and silver futures prices in the domestic market gained on Monday after US President Donald Trump signed a spending and pandemic aid bill, clearing the uncertainties.
Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a federal government shutdown in a crisis of his own making.
Precious metals are used as a hedge against inflation, which tends to kick in when money is pumped into the system.
Gold futures on MCX were up 0.75 per cent or Rs 377 at Rs 50,450 per 10 grams. Silver futures added 2.95 per cent or Rs 1,990 to Rs 69,499 per kg.
In the spot market, gold prices on Wednesday declined Rs 252 to Rs 49,506 per 10 gram in the national capital, according to HDFC Securities. Silver also dipped Rs 933 to Rs 66,493 per kg.
Globally, gold prices jumped 1 per cent on Monday as the metal's appeal as an inflation hedge was boosted by news that US President Donald Trump had signed a long-awaited coronavirus relief aid bill.
Spot gold rose 1 per cent to $1,895.03 per ounce by 0145 GMT. U.S. gold futures gained 0.8 per cent to $1,899.10
Silver rose 3 per cent to $26.63 an ounce. Platinum climbed 1.7 per cent to $1,040.37 and palladium was up 0.5 per cent at $2,360.79.
Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a federal government shutdown in a crisis of his own making.
Precious metals are used as a hedge against inflation, which tends to kick in when money is pumped into the system.
Gold futures on MCX were up 0.75 per cent or Rs 377 at Rs 50,450 per 10 grams. Silver futures added 2.95 per cent or Rs 1,990 to Rs 69,499 per kg.
In the spot market, gold prices on Wednesday declined Rs 252 to Rs 49,506 per 10 gram in the national capital, according to HDFC Securities. Silver also dipped Rs 933 to Rs 66,493 per kg.
Globally, gold prices jumped 1 per cent on Monday as the metal's appeal as an inflation hedge was boosted by news that US President Donald Trump had signed a long-awaited coronavirus relief aid bill.
Spot gold rose 1 per cent to $1,895.03 per ounce by 0145 GMT. U.S. gold futures gained 0.8 per cent to $1,899.10
Silver rose 3 per cent to $26.63 an ounce. Platinum climbed 1.7 per cent to $1,040.37 and palladium was up 0.5 per cent at $2,360.79.
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