U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin “continued to narrow their differences” over a new aid package, Pelosi spokesperson wrote, Drew Hammill, on Twitter. Pelosi hopes that by the end of Tuesday there will be “clarity” on whether a coronavirus stimulus bill can be passed before the Nov. 3 election, Hammill wrote.
MCX gold futures fell 0.23% or Rs 115 to Rs 50,572 per 10 grams. Silver futures fell 0.34% or Rs 210 to Rs 61,885 per kg.
On the spot market, gold in the nation’s capital rose by Rs 182 to Rs 51,740 per 10 grams on Monday, following the rise in global prices for precious metals, according to HDFC Securities. The money also jumped Rs 805 to Rs 63,714 per kilogram.
Globally, gold prices have also declined slightly. Spot gold fell 0.1% to $ 1,903.16 an ounce at 12:55 a.m. GMT. US gold futures fell 0.3% to $ 1,906.50.
The US economy is rebounding strongly after being hit hard by the pandemic, but it may be another year before the economy returns to pre-crisis levels and the labor market takes even longer to reclaim lost ground, Federal Reserve Vice Chairman Richard Clarida said on Monday.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.02% to 1,272.85 tonnes on Monday from 1,272.56 tonnes on Friday.
Silver fell 0.3% to $ 24.43 an ounce, platinum and palladium were up 0.1% to $ 856.85 and $ 2,345.37, respectively.