Fri. Nov 27th, 2020

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Gold prices are struggling

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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.

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