Gold price trades flat, silver rate rises to Rs 61,600

Gold, Silver prices in India on November 2: Gold prices were trading a tad lower on Monday post flat movement for two consecutive sessions, following weak global cues. However, the yellow metal continued to trade above Rs 50K mark in India as the safe-haven asset appealed to investors amid rising coronavirus cases.

Gold October Futures on the Multi Commodity Exchange-traded flat at Rs 50,700 after hitting an intraday high and low of Rs 50,612 and Rs 50,777, respectively.

On the contrary, Silver September Futures traded at Rs 61,590 per kg today, rising Rs 725 over the last close of Rs 60,865 per kg.

Gold price fell in global markets amid strong American currency and delay in an agreement on the US economic stimulus.

Spot gold was steady at $1,882.00 per ounce, while US gold futures traded at $1,882.90 per ounce as investors digested news over the dealy of coronavirus relief package in the US. Silver, on the other hand, rose 1.2% to $23.92 per ounce.

Gold price gains amid rising coronavirus cases; silver rates scale Rs 60K mark

Meanwhile, dollar index, rose 0.13 per cent to 94.15, against a basket of six currencies, capping gold's rise today.

Gold prices have gained 24% this year as concerns over the economic impact of rising coronavirus infections led to less participation of investors in broader equity indices and more inclination towards precious commodities.

However, the yellow metal, considered as a hedge against inflation and currency debasement, trades below $1,900 mark overseas amid uncertainty around US elections and the fading possibility of additional stimulus.

In India, coronavirus cases crossed 82-lakh mark with total deaths standing at 1.22 lakh. Worldwide, there were 468 lakh confirmed cases and 12 lakh deaths from COVID-19 outbreak.

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