Gold and silver prices have once again taken a toll and edged higher after recovering from a sharp fall the last session. The gold futures have risen by 0.54% to Rs 50,781 per 10 gram while silver futures rose by 0.23% to Rs 69,580 per kg. Talking about the last session, Gold had fallen by Rs 1230 per 10 gram and silver went down the road with Rs 1700 per kg.
Globally, the gold price rose after a sharp drop in the last session, investors have bet that the Democrats win in the United States Senate race will help in better fiscal stimulus and led to teh price increase in today’s session. Spot gold has risen by 0.2% to $1,992.81 per ounce and in the previous session, the gold spot had fallen by 2.5%.
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Globally the tensions between democrats candidates, the Senate has led to gold and silver price fluctuation, it is being said that the democrat’s candidates have won in Georgia senate runoffs, and now democrats have the control of sensate. The president, sensate, house are all belonging to democrats party hence the bill would be much easier to pass. The hope of a better fiscal stimulus led to a 1.5% increase overnight.
Due to this, thousands of Donald Trump supporters have come on teh road for this and it has led to riots in the set of Washington.
Talking about the other metals, silver was at 0.4% to $27.19, platinum was flat ar $1,101.33 whereas Palladium was at $2,437.23. With the coronavirus pandemic, The US central bank slashed the benchmark interest rate to nearly zero whereas in India, to mitigate the impact of Covid-19 lifted gold prices 25% while silver price rallied about 50%
