Gold rate slips below Rs 51,000 on weak global trend

NEW DELHI: Gold and silver prices were trading with cuts in Tuesday's session following the trend in international markets as the dollar strengthened amid hopes of a limited economic stimulus from the US.

Republicans in the US Senate will go along with what President Donald Trump wants in coronavirus relief legislation, a White House spokeswoman said, as the White House pursues a deal with Democratic lawmakers. Trump had on Sunday called on Congress to pass a stripped-down coronavirus relief bill.

Gold futures on MCX were down 0.59 per cent or Rs 300 at Rs 50,807 per 10 grams. Silver futures declined 1.32 per cent or Rs 833 to Rs 62,265 per kg.



In the spot market, gold prices rose Rs 236 to Rs 51,558 per 10 gram in the national capital on Friday following a positive trend in the international market, according to HDFC Securities. Silver prices also jumped Rs 376 to Rs 62,775 per kilogram.

Globally, gold prices inched lower as the dollar ticked up, although concerns over rising COVID-19 cases and hopes of a large US scal stimulus being eventually released checked the metal's decline.

Spot gold slipped 0.1 per cent to $1,919.51 per ounce by 0117 GMT. US gold futures were down 0.3 per cent to $1,923. The dollar index was up 0.1 per cent against rivals.

Trump has tested negative for COVID-19 on consecutive days and is not infectious to others, the White House physician said, as Trump headed to Florida for his first campaign rally since he disclosed he contracted the virus.

Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.48 per cent to 1,277.65 tonnes on Monday.

Silver fell 0.4 per cent to $25.02 per ounce, platinum was flat at $873.46, and palladium rose 0.1 per cent to $2,403.07.