Gold prices ease on low demand – Check rates on October 16, 2020

New Delhi: Gold futures on Friday fell by 0.09 per cent to Rs 50,665 per 10 gram as participants offloaded their holdings on low spot demand.

On the Multi Commodity Exchange, gold prices for December delivery declined by Rs 47, or 0.09 per cent, to Rs 50,665 per 10 gram in a business turnover of 14,585 lots. Meanwhile, Silver delivery rose 0.56 percent to Rs 61,877 gram in a business turnover of 15,623 lots.

However, gold was trading 0.10 per cent up at USD 1,910.90 per ounce in New York.

Gold steadied on Friday as the dollar eased but was still set for its first weekly loss in three as doubts over a U.S. stimulus agreement before next month`s presidential election dented demand for the metal as an inflation hedge, a Reuters report said.

Spot gold was up 0.1% at $1,909.53 per ounce by 0920 GMT but down more than 1% so far this week. U.S. gold futures edged 0.1% lower to $1,907.50, Reuters added.