Gold prices in India on Monday (November 9) rose higher in combination with international markets. This movement is led by the occupancy of democrat candidate Joe Biden in the White House as the country's 46th President, driving hopes a larger stimulus to bail out the pandemic-battered US economy.
On the Multi Commodity Exchange (MCX) gold futures for December delivery traded above Rs. 52000 at Rs. 52305, up 0.26% or Rs. 138, during the first afternoon hours of trade. Also, in line, silver after steep correction recorded over the last few weeks is again trading above Rs. 65000 per kg.
Gold rates In the international markets, due to a weaker dollar which was close to its over 2-month low, spot gold climbed 0.1 percent to USD 1953.45 per ounce. In the previous session, gold prices hit its highest in over two years to USD 1960.13 per ounce. Also, US gold futures gained 0.2%. Even before the election outcome, analysts suggested that Donald Trump's win will push up the dollar and now as Joe Biden has taken over the US Presidency, the dollar is losing ground on predicted lines.
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