New Delhi: Amid global signals, the futures prices of gold and silver in India are fluctuating. Today, February's gold futures on the Multi Commodity Exchange (MCX) fell 0.03 percent to Rs 49,328 per 10 grams, while silver futures declined 0.22 percent to Rs 65,414 per kg.
Gold had risen 0.7 percent in the previous session after Friday's steep fall. Gold is down about Rs 7,000 from august's high level of 56,000. Gold rates rose in global markets today, but the strong US dollar kept it within a limited range. Gold rose 0.2 percent to $1,847.96 an ounce, while silver jumped 0.8 percent to $25.11 an ounce. Platinum rose 2.3 percent to $1,055 in other precious metals and palladium climbed 0.3 percent to $2,378.
Let me tell you that the swearing-in ceremony of the newly elected President of the United States, Joe Biden, is going to be on January 20. He will take the oath of office on this day. Joe Biden will outline the stimulus package on Thursday. Many pundits believe that gold can get support at lower levels as the stimulus can help pave the way for an increase in inflation, against which gold is seen as a hedge.
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