Gold prices today fall ₹800 per 10 gram, silver drops ₹1,200 per kg1 min read . Updated: 24 Nov 2020, 04:35 PM IST
- Gold rates have been on a downward trend in recent weeks as developments on covid vaccine front has bolstered hopes of a swift economic recovery
- Silver rates have also fallen sharply
Gold and silver prices fell sharply today in Indian markets, continuing their weak trend of recent weeks. On MCX, December gold futures fell ₹800 or 1.6% to ₹48700 per 10 gram while silver futures tumbled 2% or ₹1,200 to ₹59,308 per kg. In the previous session, gold prices had slumped ₹750 or 1.5% per 10 gram while silver had tumbled ₹1,628 or 2.6% per kg.
In global markets, gold rates dropped to the lowest level in four months amid optimism over Covid-19 vaccine developments. US President-elect Joe Biden on Monday was formally given the go-ahead by a federal agency to begin his transition to the White House.
Spot gold was down 0.7% at $1,823.58 per ounce, having earlier slid to its lowest since July 21 at $1,820.45. It slumped as much as 2.2% on Monday. Silver fell 0.9% to $23.37 an ounce. Platinum rose 1.1% to $936.11, while palladium dropped 1% to $2,331.06. (
Asian stock markets were mostly higher today as progress in developing an inexpensive coronavirus vaccine boosted hopes of a swift global economic recovery. AstraZeneca on Monday said its COVID-19 vaccine that it has developed in partnership with Oxford University is likely to be cheaper to make, easier to distribute and faster to scale-up than rivals and could be up to 90% effective.
Global risk sentiment was further boosted after news reports, citing sources, said that US President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary - a move welcomed by traders particularly after incumbent Stephen Mnuchin last week sparked a spat with the central bank over access to virus relief cash.
After hitting a record high of ₹56,200 in August, gold prices have sagged amid vaccine progress and the recent outflow from gold-backed exchange-traded funds.
ETF investors continued to stay on the sidelines. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.6% to 1,213.17 tonnes on Monday from 1,220.17 tonnes on Friday.
Data released on Monday showed US business activity expanded at the fastest rate in more than five years in November led by the quickest pickup in manufacturing since September 2014, fuelling optimism of a swift recovery. (With Agency Inputs)