/Gold prices today rise ahead of US election outcome

Gold prices today rise ahead of US election outcome

NEW DELHI: Gold and silver future prices gained in morning trade on Thursday as vote counting in the US showed Joseph Biden is most likely to be the President of the country.

Biden said on Wednesday he was headed towards a victory over President Donald Trump in the US election after claiming the pivotal Midwestern states of Wisconsin and Michigan. But Trump moved to file lawsuits and request for a recount in votes in several battleground states, amounting to a broad effort to contest the results of the election.

Gold futures on MCX were up 0.76 per cent or Rs 384 at Rs 51,204 per 10 grams. Silver futures rose 1.03 per cent or Rs 630 to Rs 62,019 per kg.

In the spot market, gold prices on Wednesday rose Rs 111 to Rs 50,743 per 10 gram amid sharp rupee depreciation, according to HDFC Securities. Silver, however, declined Rs 1,266 to Rs 60,669 per kg.

Globally, gold prices were little changed after early US election results suggested a lead for Democrat contender Joe Biden, even as the possibility of a contested result remained.

Spot gold was little changed at $ 1,904.66 per ounce by 0111 GMT. US gold futures rose 0.5 per cent to $ 1,905.50 per ounce.

Silver rose 0.3 per cent to $ 23.98. Platinum was steady at $ 869.04, while palladium fell 0.5 per cent to $ 2,276.97.

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