Continuing the weak trend of recent weeks, gold and silver futures prices fell sharply in Indian markets today. December futures on MCX fell by Rs 450, or 0.9 percent, to Rs 49,051 per 10 grams, while silver futures were down 0.9 percent, or Rs 550, to Rs 59,980 per kg. In the previous session, the price of gold had slipped 1.5 percent (Rs 750) per 10 grams, while silver had fallen by Rs 1,628 (2.6 percent) per kg. That is, in two days the futures price of gold has been reduced by Rs 1200 and the price of silver by Rs 2178.
Price in the international market
The gold rate fell to a four-month low amid optimism over the development of the Kovid-19 vaccine in global markets. Spot gold declined 0.6 percent to $ 1,826.47 an ounce, the lowest level since July. While silver declined 1.1 percent, platinum rose 0.5 percent and there was little change in palladium.
Today Asian stock markets were mostly at a high level, as a rapid global economic recovery is expected to develop an inexpensive coronavirus vaccine. AstraZeneca said on Monday that its vaccine, developed in partnership with Oxford University, is cheaper than other vaccines, easier to deliver, and is up to 90% effective.
After reaching a record high of Rs 56,200 per 10 grams in August, the price of gold has fluctuated with the advancement of the vaccine and the recent gold-backed exchange-traded funds. Holdings of SPDR Gold Trust, the world's largest gold exchange-traded fund (ETF), fell 0.6 to 1,220.17 tonnes. It was 1,213.17 tonnes on Friday. The data released on Monday showed that US trade activity has grown at the fastest pace in more than five years since November 2014.