Multi commodities exchange (MCX) gold futures settled at ₹ 50,984 for the day, down 2.27 per cent for the day.
Gold and silver futures gave up early gains to register sharp losses on Monday, as equities soared to record highs. Multi commodities exchange (MCX) gold futures, due for expiry on December 4, decreased to as low as ₹ 50,677 during the session, shedding ₹ 1,490 – or 2.86 percent.
Global valuable rates retreated sharply after US-based drug major Pfizer said its vaccine was quite 90 per cent effective in preventing COVID-19 supported initial data from an outsized study.
Any sign of uncertainty within the financial markets pushes investors towards safer bets like gold, enhancing the appeal of the alpha-beta brass , and the other way around .
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.
Domestic spot gold closed at ₹ 52,420 per 10 grams on Monday, and silver at ₹ 66,052 per kilogram – both rates excluding GST, consistent with Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
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