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NEW DELHI: Gold and silver futures prices in the domestic market were mixed as stimulus talks gathering momentum lifted demand for gold while vaccine approvals kept the price rise in check.
Talks aimed at reaching a fresh coronavirus relief package gathered momentum in the U.S. Congress on Friday, as a bipartisan group of lawmakers worked to put the finishing touches on a new $908 billion bill.
Gold tends to benefit from stimulus measures as it raises the prospect of inflation which bullion is used to hedge against.
Gold futures on MCX were up 0.16 per cent or Rs 78 at Rs 49,2520 per 10 grams. Silver futures dipped 0.26 per cent or Rs 163 to Rs 63,650 per kg.
In the spot market, gold prices fell Rs 136 to Rs 48,813 per 10 gram in the national capital on Friday amid a rupee appreciation and choppy global precious metal prices, according to HDFC Securities. Silver also declined Rs 346 to Rs 63,343 per kg
Globally, gold prices were little changed in early Asian trade on Monday, as hopes of a US fiscal stimulus package being passed this week countered downward pressure from optimism around Covid-19 vaccines roll-outs.
Spot gold was flat at $1,836.91 per ounce by 0102 GMT. U.S. gold futures were also little changed at $1,840.70.
Britain is preparing to become the first country to roll out the Pfizer/BioNTech Covid-19 vaccine this week.
SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.6 per cent to 1,182.70 tonnes on Friday.
Speculators raised their bullish positions in COMEX gold and silver contracts in the week to Dec. 1, data showed.
Silver fell 0.1 per cent to $24.13 per ounce and platinum eased 0.2 per cent to $1,052.86, while palladium gained about 1 per cent to $2,366.60.