Gold rate edges higher, tops Rs 50,000 mark

NEW DELHI: Gold and silver prices edged higher in Tuesday's session, in line with global trend, but gains were checked as investors grew more hopeful of the US stimulus bill. Meanwhile, they also awaited the first presidential debate between Donald Trump and Joe Biden.

US House of Representatives Speaker Nancy Pelosi said on Monday that Democratic lawmakers unveiled a new, $2.2 trillion coronavirus relief bill, which she said was a compromise measure that reduces the costs of the economic aid. She did not say when there would be a vote on the latest proposal.

Gold futures on MCX were down 0.10 per cent or Rs 50 at Rs 50,188 per 10 grams. Silver futures dropped 0.52 per cent or Rs 314 to Rs 60,710 per kg.



In the spot market, gold in the national capital went down by Rs 194 to Rs 50,449 per 10 grams on Monday amid weak global prices of the precious metal, according to HDFC Securities. Silver also declined Rs 933 to Rs 59,274 per kilogram.

Globally, gold edged higher on Tuesday buoyed by a softer dollar, with investors focusing on the first US presidential debate and progress on a new US stimulus bill.

Spot gold rose 0.15 per cent to $1,883.69 per ounce by 0058 GMT. Prices rose 1.1 per cent in the previous session, its biggest one-day gain since late August. US gold futures were up 0.4 per cent at $1,889.70.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.16 per cent to 1,268.89 tonnes on Monday.