Gold prices today fall, Silver rates also drop, Check latest price here
Gold and silver prices in Indian markets dropped today amid weak global cues. On MCX, February gold futures slipped 0.24% to ₹48,449 per 10 gram while silver dropped 1% to ₹62,559 per kg. The precious metals had seen a sharp upmove in the previous session. Gold had jumped 1.4% or ₹700 per 10 gram while silver had surged about ₹3,000 per kg. Gold has been on a downhill journey since hitting a high of ₹56,200 in August.
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US officials on Tuesday unveiled plans to begin vaccinating millions of Americans against the novel coronavirus as early as mid-December, as infections and hospitalizations continue to soar. Meanwhile, Moderna and Pfizer-BioNTech are in a tight race to launch their vaccines in Europe after both applied for emergency European Union approval on Tuesday
“Gold has been on a downward path for last few weeks and has tested the lowest level since June 2020. Progress on vaccine front and signs of smooth power transition in US has reduced safe haven demand for gold. Meanwhile, ETF outflows also show that investors are pulling out money,” Kotak Securities said in a note.
“Gold has remained under pressure despite weaker US dollar, mixed economic data from major economies, worsening virus situation and hopes of additional stimulus measures,” it added.
Despite the recent price drop, gold ETFs saw outflows. Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell 0.3% to 1,191.28 tonnes on Tuesday from 1,194.78 tonnes on Monday.
“Gold’s sharp fall has dented market sentiment. However there are mixed factors and one should wait for corrective rebound before creating fresh shorts,” Kotak Securities said.
Supporting silver price however is general optimism about Chinese economy while vaccine progress improves outlook for industrial demand, say analysts. Silver remains stuck between losses in gold and general strength in industrial metals. We may see choppy trade due to mixed cues however general bias may be on the downside unless we see substantial recovery in gold,” Kotak added.
Currency Exchange Rate on Dec 02, 2020
The dollar to rupee conversion has been constant since yesterday and any fluctuation today in the gold price would suggest no relation with the dollar value.
[WITH INPUTS FROM AGENCIES]