Hopes of more US stimulus measures to weather the impact of rising coronavirus cases nudged investors towards the precious metal as an inflation hedge. Indian government officials have also indicated a stimulus may be announced.
Gold futures on Multi Commodity Exchange (MCX) were up 1.10 per cent or Rs 549 at Rs 50,297 per 10 grams. Silver futures rose 2.10 per cent or Rs 1,276 to Rs 62,130 per kg.
In the spot market, gold prices rose for the fourth consecutive day on Monday, gaining Rs 277 to Rs 52,183 per 10 gram in the national capital on a strong global trend, according to HDFC Securities. Silver prices also jumped Rs 694 to Rs 65,699 per kilogram.
Globally, gold prices edged higher in early Asian trade on Tuesday after falling as much as 5.2 per cent in the previous session. Spot gold rose 0.5 per cent to $1,871.81 per ounce by 0136 GMT.
It fell to $1,849.93, its lowest level since Sept. 28, on Monday after U.S. drugmaker Pfizer Inc said its experimental Covid-19 vaccine was more than 90 per cent effective, based on initial trial results.
US gold futures were up 0.8 per cent at $1,869.40.
Holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.83 per cent to 1,249.79 tonnes on Monday.
Silver rose 0.1 per cent to $24.10 per ounce. Platinum and palladium were up 0.2 per cent at $868.30 and $2,483.07, respectively.
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