/Gold prices today trade flat amid uncertainty over US stimulus package

Gold prices today trade flat amid uncertainty over US stimulus package

NEW DELHI: Bullion counters on MCX were trading mixed but were near the flatline on Friday amid cautiousness over economic stimulus package from US, timeline of which is uncertain.

US House Speaker Nancy Pelosi on Thursday said negotiators were making progress in talks with the White House over a new coronavirus fiscal aid package and a deal could be reached “pretty soon”. White House economic adviser Larry Kudlow however cautioned that there were still “significant policy differences” unlikely to be resolved before the election.

Gold futures on MCX were up 0.15 per cent or Rs 74 at Rs 50,840 per 10 grams. Silver futures fell 0.10 per cent or Rs 64 to Rs 62,551 per kg.

In the spot market, gold prices fell Rs 95 to Rs 51,405 per 10 gram in the national capital on Thursday amid a weak global trend and rupee appreciation, according to HDFC Securities. Silver prices also declined Rs 504 to Rs 63,425 per kilogram.

Globally, gold prices dipped, weighed by a stronger dollar, as investors kept a close watch on the final U.S. presidential election debate and sought further clarity on a coronavirus aid package.

Spot gold fell 0.1 per cent to $ 1,902.57 per ounce by 0110 GMT, after slipping more than 1 per cent in the previous session. US gold futures were little changed at $ 1,904.80 per ounce.

Strong investor demand for gold will keep prices high and offset the likely slump in demand from jewellers and central banks next year, Refinitiv Metals Research said.

Holdings of the largest gold-backed exchange-traded-fund (ETF), the SPDR Gold Trust , fell 0.1 per cent on Wednesday to 40.8 million ounces from Tuesday.

Silver fell 0.8 per cent to $ 24.56 per ounce, while platinum dropped 0.4 per cent to $ 880.94 and palladium rose 0.3 per cent to $ 2,379.50.

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Markets-Economic Times