Gold price today 28 December 2020: Gold and silver price rise in initial trading session

New Delhi: Market experts are upbeat on gold prices, expecting that the yellow metal will touch new heights in 2021. The positivity around gold was seen on Monday, with prices scaling higher after the Christmas holidays. 

On the Multi Commodity Exchange, gold contracts for the December delivery traded higher by over Rs 400 per 10 grams to trade near Rs 50,500. In the previous trading session, gold on MCX had lost Rs 85 and closed at Rs 50064 per kg. While in the trading before this session, gold prices slipped below Rs 50,000 to touch the day's low of Rs 49878 per 10 gram.

Meanwhile, silver prices have also posted strong recovery. On the Multi Commodity Exchange, Silver contracts for the March delivery traded higher by Rs 1980. It is trading around Rs 69,500 per kg. In its last trading session, silver closed at Rs 67509 per kg, posting a slight fall. In the previous trading session before this, rates slipped below 67,000 level to to Rs 66682 per kg.

International gold prices

Gold prices jumped 1% on Monday as investors cheered news that U.S. President Donald Trump signed into law a long-awaited pandemic aid bill, with a weaker dollar lending further support. Spot gold was up 1% at $1,894.44 per ounce by 0344 GMT, after hitting a one-week high of $1,900.04 earlier in the day. U.S. gold futures gained 0.9% to $1,899.10, a Reuters report said.

Trump on Sunday signed into law a $2.3 trillion pandemic aid and spending package, restoring unemployment benefits to millions of Americans and averting a partial federal government shutdown, Reuters added.