In Indian markets, Gold MCX December Futures trades over Rs 52,000 per 10 gram on Monday tracking positive trend seen in the international Gold prices, supported by a weaker dollar and hopes of more stimulus measures under the U.S. President-elect Joe Biden.
The dollar index was hovering near a more than two-month low, said a Reuters report. Gold tends to benefit from widespread stimulus as it is considered a hedge against inflation, added the report.
On the Multi-Commodity Exchange (MCX), December Gold futures are trading higher by 0.48 percent at Rs 52420.00 per 10 grams at 11:30 hours. December Silver futures are trading 1.46 percent higher at Rs 66292.00 per kg.
Gold and silver showed solid strength last week and settled on a positive note in the international markets. Gold December futures contract settled with a weekly gain of nearly 4 percent at $1952.05 per troy ounce and Silver December futures contract settled with a weekly gain of over 8 percent at $25.71 per troy ounce.
Despite strength in the Rupee, both the valuable metals were also settled on a positive note in the domestic market. Gold December futures contract settled at 52,167 per 10 gram and Silver December futures contract settled at 65,335 per one kilogram.