In the domestic markets of India, with the release announcement the COVID vaccine there was a sharp decline in the rates of Gold and Silver. On Thursday, as the country was getting ready to vaccinate about 30 crore people, it lifted some appetite for more risks. It is also in talks that Biden will ask Congress to given them the immediate pandemic rescue before they are provided with better recovery. Measures like Healthcare and infrastructure will have to be improved. This information was made public on Wednesday by the incoming administration’s one of the top economic advisor.
On MCX, the gold futures went a low of 0.90 percent of Rs 445 at Rs 48,860 per 10 grams. The rates for Silver also went down by 1.18 per cent up to Rs 779 to Rs 65,242 per kg. The COMEX gold trades also went down by 0.45 percent near $1,837/oz after it saw a gain of 0.6 percent. Gold continues to trade in high range as it has on its back the support of the higher US stimulus, rising virus cases, impeachment proceedings against the former US President, Donald trump is countered by vaccine progress and weak investor interest have also been evidently visible from the outflow.
It is highly likely that the gold rates may remain low until there are fresh triggers however general expectation of higher US stimulus may continue to support prices. In the spot market, gold prices fell Rs 203 to Rs 49,285 per 10 gram in Ahmedabad on Wednesday as rupee appreciation capped upside in the price of the precious metal. Silver prices dipped Rs 397 to Rs 65,174 per kilogram.