Gold December contract may continue to trade higher with resistance at Rs 53,500 per 10 gram

Commodity prices regained momentum on US presidential election jitters as most of the non-agro commodities witnessed strong buying during the week passed by. Silver prices rallied the most reporting gains of more than 8 percent for the week followed by Zinc, gold and crude oil. Natural gas prices on the contrary plunged by more than 13 percent during the week. The weaker dollar against major currencies boosted buying in commodities. The greenback fell to 92.23 shedding nearly 2 percent for the week against the major currencies.

Bullion prices rallied on the uncertainty of US presidential elections which has led to public protest in some parts of the US. COMEX spot gold prices gained by nearly 4 percent to $1,951 an ounce crossing a key hurdle at $1940 for the week, reporting the highest weekly run since July 2020. Spot silver prices at COMEX remained highly volatile rallied by more than […]

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