Gold prices in India rose above Rs 51,000 per 10 grams on the Multi Commodity Exchange (MCX) Thursday tracking positive momentum in the international spot prices amid developments over US elections.

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At 10:45 am, gold futures for December delivery rose 0.81 percent to Rs 51,234 per 10 grams as against the previous close of Rs 50,820 and opening price of Rs 51,231 on the MCX. Silver futures traded 0.97 percent higher at Rs 61,985 per kg. The prices opened at Rs 62,020 as compared to the previous close of Rs 61,389 per kg.

“Markets anticipate a slight edge towards Democrat Joe Biden winning the US presidency which might open gates for larger US stimulus. Moreover, alarming increase in coronavirus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices,” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd.

International gold firmed on Thursday as investors were cautiously optimistic Democrat Joe Biden would edge past President Donald Trump in a tight race to the White House, boosting the likelihood of more economic stimulus, Reuters reported.

Spot gold rose 0.2 percent to $1,906.74 per ounce. US gold futures rose 0.7 percent to $1,909.00 per ounce.

Markets will have a keen watch on the outcome of the Federal Open Market Committee (FOMC).

“As for today traders can go for Buy in gold at Rs 51,000 levels with the stop loss of Rs 50,700 levels for the target of 51,500 levels. They can also go for Buy in Silver at Rs 61,800 levels, with the stop loss of 61,300 levels and for the target of 62,700 levels,” Gupta added.

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First Published:Nov 5, 2020 10:50 AM IST