Gold prices in India edged lower today amid weak global trend. On MCX, gold futures dipped 0.03% to ₹48,501 per 10 gram while silver futures fell 0.5% to ₹59,570 per kg. In the previous session, gold prices had slipped 0.11% while silver had ended flat. In five days, gold rates in India have dropped nearly ₹1,700 per 10 gram, in line with a similar fall in global rates.
In global markets, gold prices edged 0.3% lower to $1,810.44 an ounce. For the week, gold remains down over 3% as progress in Covid-19 vaccine development and US President-elect Joe Biden’s transition to the White House bolstered risk sentiment.
Among other precious metals, silver today fell 0.9% to $23.25 per ounce, while Platinum fell 0.1% to $961.18 and palladium was up 0.3% at $2,391.19.
Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities, said that gold has taken some sort of support near the $1805 levels, and same has been reflected in MCX at MCX Gold has taken support of ₹48500 zones, mainly on back of softer dollar index and rising concerns over partial lockdowns in Euro and rising covid-19 numbers in US.
In India, after hitting a record high of ₹56,200 per 10 gram, gold has been on a downward trend. “Gold has been on a downward path for last few weeks owing to reduced safe haven demand as progress on vaccine front improved future growth outlook. Political chaos in US also eased with formal start of transition of Biden Administration to power. Additionally, continuing ETF outflows show that investors are exiting the metal,” Kotak Securities said in a note.
US President Donald Trump on Thursday that he will leave the White House if the Electoral College formalizes President-Elect Joe Biden’s victory.
The British government today said it has formally asked the country’s medicines regulator to assess whether a coronavirus vaccine developed by AstraZeneca and Oxford University should be authorized for use.
The step comes amid questions about preliminary results from trials of the jab, after the company and the university acknowledged that the most encouraging part of their findings stemmed from a dosing error.
It’s the second vaccine candidate to reach the formal assessment stage in Britain, following a shot developed by Pfizer and its German partner BioNTech.
Raising the prospect for further stimulus, the European Central Bank’s chief economist warned that tolerating “a longer phase of even lower inflation” would hurt consumption and investment. (With Agency Inputs)