Gold Price Falls Below Rs. 50,000; Silver Rate Also Down in Domestic Market - Report 

There is some good news for all, gold and silver prices have fallen today in domestic markets. The gold futures fell Rs. 450 or 0.9 percent to Rs. 49,051 per 10 gram and silver futures were down 0.9 percent or Rs. 550 to Rs. 59,980 per kg on Multi Commodity Exchange (MCX). 

As per Hindustan Times report, gold prices had slumped Rs. 750 or 1.5 percent per 10 gram and silver was low at Rs. 1,628 or 2.6 percent per kg in the previous session. In August, Gold prices which had seen a record high of Rs. 56,200 have fallen amid vaccine progress.

Reports suggest that gold price fell after progress on a COVID-19 vaccine dented the precious metal’s safe-haven appeal.

Spot gold fell 0.6 percent to $1,824.91 per ounce by 0332 GMT. It had fallen as much as 2.2 percent on Monday to hit a four-month low. 

“The number of vaccines coming out is giving the market confidence that in six months time, things are going to be better than what they are... the (gold) price is coming off as a result,” said Michael Langford, executive director at corporate advisory and consultancy firm AirGuide, according to Reuters.

Meanwhile, the international gold and silver prices crashed on November 23 as better-than-expected US business activity data.

“COMEX gold has slipped about 0.7 percent and hit a low of $1,823.2/oz, the lowest since July. Gold weakened today after a 1.8 percent decline yesterday. Weighing on the gold price is reduced safe-haven buying amid progress on the vaccine front, upbeat US economic data and signs of transition to the Biden administration in the US,” Ravindra Rao, VP- Head Commodity Research at Kotak Securities told Moneycontrol.

“ETF outflows also show weaker investor interest. Gold was holding in the $1,850-1,900/oz for the last few sessions, however, a break below lower levels and improved risk sentiment has paved way for additional losses," he added.