Gold Prices Are Dropping In A Row Today For The 3rd Day
Gold rate today: On MCX, prices fell to ₹50,546 per gram. A saleswoman shows gold ornaments to her customers at a jewelry showroom
Today in India gold and silver prices dropped, tracking global muted indications. On MCX, the future of gold today dropped by 0.43% to 0.546 per 10g, with losses extended to the third day. Also, MCX's money future decreased by 0.6% to Say 62.875 per kg. Gold prices retreated last week in India by 1,200 per 10 grams, as optimism about the Covid vaccine elevated global risk, pressuring the yellow metal. Gold prices are down around € 6,000 compared to their August highs of € 56,200.
In world markets, gold prices have decreased today, even though coronavirus in many parts of the world continued to grow. 0.2 percent of gold slid to 1.876.85 ounces. Silver was steady at $24.47 per oz, among other precious metals, while platinum at $925.60 was consistent.
Asian stock markets remained constant overnight following the retreat of US shares, as investors weighed Covid-19 rising cases against vaccine optimism. In contrast to major rivals, the dollar was higher.
Inc. Pfizer. CEO Albert Bourla said on Tuesday that a crucial safety phase in the analysis of his vaccine was achieved and that the drugmaker was now in the process of obtaining authorization for emergency use.
"Weighing gold prices are indicators of advances in the vaccine for the COVID-19," says Kotak Securities in a report. "Gold has a hard time breaking down the $1900/oz mark. Mixed factors have kept gold in a range and this pattern can continue shortly.
In a preliminary review of a major clinical trial late this week, Moderna Inc. said its vaccine has 94.5 percent efficacy. Pfizer's vaccine last week has been a product of similar positive trends.
Following the announcement by Moderna Inc the effect on gold prices has been discouraged as the current deteriorating virus problems have continued, forcing governments to place tighter restrictions on economic activity, according to analysts.
But US stimulus expectations have also helped lower levels of gold. Jerome Powell, Chairman of the Federal Reserve of the United States, said Tuesday that it was not time to shut down emergencies to battle the economic effects of the pandemic, leaving the country with a "long way to recover.
The dollar index ranked above 92,450, which makes gold more expensive for other currencies holders.
"Gold is likely to be hot among mixed factors but we remain shopping in the face of increasing cases of viruses that may carry high market expectations of further stimulus steps by governments and central banks for their economies," said Kotak Securities. (Inputs from the Agency)