US Senate on Tuesday delayed a vote on President Donald Trump’s demand to increase Covid-19 relief checks to $2,000, in a rare challenge to fellow Republican three weeks before he vacates the White House.
Precious metals are used as a hedge against inflation, which tends to kick in when money is pumped into the system.
Gold futures on MCX were up 0.23 per cent or Rs 114 at Rs 50,153 per 10 grams. Silver futures rose 1.03 per cent or Rs 703 to Rs 68,800 per kg.
In the spot market, gold prices rose marginally by Rs 39 to Rs 49,610 per 10 gram in the national capital on Tuesday, continuing the upside for the third consecutive day, in line with the rally in international prices of the precious metal, according to HDFC Securities. Silver prices also gained marginally, rising by Rs 36 to Rs 68,156 per kilogram.
Globally, gold prices were little changed on Wednesday as investors weighed news that US Senate Majority Leader Mitch McConnell postponed a vote on increased pandemic aid checks to individuals.
Spot gold was steady at $1,877.76 per ounce by 0043 GMT. US gold futures fell 0.1 per cent to $1,881.50.
Silver fell 0.2 per cent to $26.14 an ounce. Platinum rose 0.1 per cent to $1,050.70 and palladium gained 0.4 per cent to $2,337.43.
