Gold prices are trading lower, while it may be a good opportunity for you to buy the precious metal before prices shoots up by Dhanteras.

At MCX, gold futures for December delivery opened Rs 175 or 0.34 percent lower at Rs 51,880 per 10 gram as against Rs 51,912 in its previous trade.

A reuters report added that gold, which is limited in supply and seen as a hedge against inflation in an era of ultra-loose monetary and fiscal policies, eased slightly to $1,942 per ounce after jumping over 2% overnight. Even gold, a traditional safe-haven asset, rallied overnight as investors looked forward to the conclusion of the U.S. election as a precursor to more fiscal stimulus in the world`s largest economy.

Oil prices were sluggish after a bout of profit-taking in early trade. Brent crude was down 1.73% at $40.22 a barrel.

On November 5, Gold prices rose Rs 158 to Rs 50,980 per 10 gram in the national capital supported by a rally in global prices. In the previous trade, the precious metal had closed at Rs 50,822 per 10 gram. Silver prices also jumped Rs 697 to Rs 62,043 per kilogram from Rs 61,346 per kilogram in the previous trade.

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The India Wire Team

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