Meanwhile, Biden will pressure Congress on Thursday to provide immediate pandemic “rescue” efforts before turning to broader “recovery” measures like healthcare and infrastructure, he said. declared Wednesday the principal economic adviser of the new administration.
MCX gold futures were down 0.90 percent or Rs 445 to Rs 48,860 for 10 grams. Silver futures slipped 1.18 percent from Rs779 to Rs 65,242 per kg.
“COMEX gold is trading 0.45 percent lower near $ 1,837 / ounce after gaining 0.6 percent yesterday. Gold continues to trade in a wide range as support for the higher US stimulus, rising virus cases, impeachment proceedings against President Trump is thwarted by vaccine advances and lower interest investors, as ETF exits show, ”said Ravindra Rao, vice president of commodities research at Kotak Securities.
“Gold may remain volatile unless there are new triggers, but the general expectation of a higher US stimulus may continue to support prices.”
On the spot market, gold prices fell from Rs 203 to Rs 49,285 per 10 grams in Ahmedabad on Wednesday, as the appreciation of the rupee leveled off on the rise in the price of the precious metal. Silver prices fell from Rs 397 to Rs 65,174 per kilogram
“US bond yields have remained variable, triggering some selling pressure on the yellow metal. However, gold prices should find support on stimulus hopes limiting the decline. Gold prices are expected to trade sideways lower for the day. COMEX gold has significant resistance at $ 1,860 an ounce and support at $ 1,820 an ounce. MCX Gold February futures support is at Rs 48,700 and resistance at Rs 49,500 for the day, ”said Tapan Patel, senior analyst (commodities), HDFC Securities.
The price of gold rose on Thursday ahead of US President-elect Joe Biden’s coronavirus stimulus proposal. Spot gold rose 0.3% to $ 1,848.07 an ounce at 12:54 a.m. GMT, while US gold futures fell 0.4% to 1,847.70 $.
The holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.9 percent to 1,171.21 tonnes on Wednesday. Silver rose 0.8 percent to $ 25.34 an ounce. Platinum climbed 0.4% to $ 1,098.77, while palladium was down 0.4% to $ 2,375.45.