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Gold price back above Rs 50,000-mark ahead of first US Presidential debate, silver surges Rs 2,299/kg

The broader trend on COMEX could be in the range of $1865- 2000 and on domestic front prices could hover in the range of Rs 50,050-50,500, said Damani.

September 30, 2020 / 09:06 PM IST

Gold prices rose Rs 690 to Rs 50,447 per 10 gram in the Mumbai retail market on rupee depreciation and positive global cues. The precious metal traded firm as the dollar retreated ahead of the first US presidential debate later in the day.

The rate of 10 gram 22-carat gold in Mumbai was Rs 46,209 plus 3 percent GST, while 24-carat 10 gram was Rs 50,447 plus GST. The 18-carat gold quoted at Rs 37,835 plus GST in the retail market.

Bullion prices also found some support after the latest developments in US stimulus measures. US House of Representatives Speaker Nancy Pelosi said the reduced $2.2 trillion price tag was a compromise but did not indicate when a vote would take place.

Improved consumer demand in India is also evident from narrowing spread between domestic and international price.