Home >Markets >Commodities >Gold prices today struggle after falling 1,200 last week, silver rates drop
Gold rate today: On MCX, prices were at  ₹50,856 per 10 gram. A woman tries on a necklace at a jewellery store. (AFP)
Gold rate today: On MCX, prices were at 50,856 per 10 gram. A woman tries on a necklace at a jewellery store. (AFP)

Gold prices today struggle after falling 1,200 last week, silver rates drop

  • Optimism about covid vaccine has weighed on gold prices in recent days
  • But surging coronavirus cases in many parts of the world will support gold at lower level, say analysts

Gold and silver prices in India struggled today after a sharp fall last week. On MCX, December gold rose 0.05% to 50,856 per 10 gram while silver futures were steady at 63,700 per kg. Gold prices had edged about 0.2% lower in previous day's truncated session as MCX remained closed during for the morning session due to a holiday.

Last week, gold prices on MCX fell 1,200 per kg, tracking a similar trend in overseas markets as optimism over covid vaccine put pressure on gold prices.

In global markets, gold prices were steady today. Concerns over spiking coroanvirus cases in the US and Europe offset pressure from vaccine optimism after Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage trial. Gold was steady at $1,890.43 an ounce.

Among other precious metals, silver fell 0.1% to $24.74 per ounce. Platinum was flat at 925.50, while palladium fell 0.4% to $2,323.30.

Gold was also supported by a weaker US dollar. The dollar index edged 0.17% lower to 92.477, making gold cheaper for holders of other currencies.

In equity markets, Asian stocks drifted today as investors weighed renewed optimism about a Covid-19 vaccine against the coronavirus’ continued spread. US futures retreated after the S&P 500 closed at an all-time high after Moderna reported vaccine results.

In global markets, gold had dropped as much as 1.3% on Monday after drugmaker Moderna covid vaccine results

US President-elect Joe Biden has called on Congress to come together and pass a new coronavirus relief package. Apart from progress on US stimulus package, gold traders will be also looking at the progress of Brexit talks which look set to continue as the UK and EU approach the latest deadline.

Meanwhile, Federal Reserve Vice Chair Richard Clarida said on Monday that successful tests of two coronavirus vaccine candidates have increased the chance of a faster than expected US economic recovery. (With Agency Inputs)


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