Gold prices today slip marginally but hold above Rs 50,500

NEW DELHI: Gold and silver prices were trading mixed on Tuesday as improvement in Donald Trump’s health put pressure on bullion but a lingering economic crisis kept the mood upbeat.

US President Donald Trump returned to the White House on Monday after a three-night hospital stay where he was being treated for COVID-19.

Gold futures on MCX were down 0.09 per cent or Rs 46 at Rs 50,580 per 10 grams. Silver futures gained 0.11 per cent or Rs 69 to Rs 62,010 per kg.

In the spot market, gold prices fell by Rs 389 to Rs 51,192 per 10 gram in the national capital on Monday, in line with a weak global trend, according to HDFC Securities. Silver prices also declined Rs 466 to Rs 61,902 per kilogram.

Globally, gold prices were steady on Tuesday, having hit a near-two week high in the previous session, as a softer dollar countered pressure from an upbeat risk sentiment.

Spot gold traded at $1,912.49 per ounce by 0108 GMT. Prices hit $1,918.36 on Monday, a peak since Sept. 22. US gold futures were little changed at $1,919.30.

US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the coronavirus economic relief and were preparing to talk again Tuesday, continuing their work towards a deal on legislation.

Chicago Federal Reserve Bank President Charles Evans said on Monday he expects U.S. inflation to reach 2 per cent by 2023 and wants to push it to 2.5 per cent to offset years of below-target price rises.

Silver rose 0.1 per cent to $24.37 per ounce, platinum inched 0.1 per cent higher to $897.99, while palladium dipped 0.2 per cent to $2,356.85.

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