Gold Price In India: Gold and silver futures gave up early gains to register sharp losses on Monday, as equities soared to record highs. Multi Commodity Exchange (MCX) gold futures, due for expiry on December 4, came down to as low as Rs 50,677 during the session, shedding Rs 1,490 - or 2.86 per cent - from their previous close, whereas silver futures (December 4) retreated by Rs 2,613 - or 4 per cent - to Rs 62,722. MCX gold and silver contracts were last seen at Rs 50,984 (down 2.27 per cent) and Rs 63,143 (3.36 per cent) respectively.
Global precious metal rates retreated sharply after US-based drug major Pfizer said its vaccine was more than 90 per cent effective in preventing COVID-19 based on initial data from a large study.
Any sign of uncertainty in the financial markets pushes investors towards safer bets such as gold, enhancing the appeal of the yellow metal, and vice versa.
Comex gold plummeted 2.08 per cent to $1,911.20 per ounce. Silver was down 3.69 per cent at $24.72 per ounce.
The dollar index - which gauges the greenback against six currencies - was steady on Monday, last seen trading up 0.07 per cent. The rupee edged higher to settle at 74.14 against the US dollar.
(Also Read: Is Silver The New Gold?)
#Gold and #Silver Closing #Rates for 09/11/2020#IBJA pic.twitter.com/0HOQhMT6Zw
Domestic spot gold closed at Rs 52,420 per 10 grams on Monday, and silver at Rs 66,052 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
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