Gold prices today gain, trade above Rs 50,000 mark

NEW DELHI: Gold and silver futures were steady in the morning trade on Monday as optimism over the vaccine put pressure on prices but assurance of more stimulus kept them attractive.

US Treasury Secretary Steven Mnuchin on Friday reassured markets that the Fed and Treasury had many tools left to support the economy, after deciding to de-fund several Federal Reserve lending programs by the end of the year.

Gold futures on MCX were up 0.26 per cent or Rs 131 at Rs 50,300 per 10 grams. Silver futures advanced 0.05 per cent or Rs 33 to Rs 62,574 per kg.




In the spot market, gold prices on Friday inched up by Rs 65 to Rs 49,551 per 10 grams in the national capital reflecting gains in the international rates, according to HDFC Securities. Silver prices also jumped Rs 298 to Rs 61,232 per kg.

Globally, gold edged higher on Monday, as a softer dollar and hopes of further U.S. monetary stimulus offset optimism over the quick rollout of a COVID-19 vaccine and bolstered the precious metal's appeal.

Spot gold rose 0.1 per cent to $1,872.76 per ounce by 0327 GMT and U.S. gold futures were little changed at $1,871.80.

Though gold has found support near $1,875, a technical level, there are downside risks from a potentially stronger dollar that could push the metal down to $1,800-$1,790, CMC Markets' McCarthy said.

Silver firmed 0.4 per cent to $24.25 an ounce. Platinum rose 0.1 per cent to $946.75, while palladium was up 0.4 per cent at $2,334.23.