Positive developments around a possible COVID-19 vaccine sparked a rally in global equities, denting gold prices.On MCX, December gold contracts were trading lower by 0.26% at Rs 48,460 per 10 gram. December silver was trading 0.25% lower at Rs 59,472 per kg. Gold and silver prices in India had fallen sharply over the previous two days. In global markets, gold rates were muted, supported by a weaker dollar but a strong appetite for riskier assets kept bullion near a four-month low. Spot gold rose 0.1% to $1,809.41 per ounce after falling to $1,800.01 in the previous day, its lowest level since July 17.The dollar index today eased 0.14% against a basket of currencies, making bullion cheaper to other currency holders. Among other precious metals, silver rose 0.2% to $23.29 per ounce while platinum fell 0.2% to $959.64.On Tuesday, Spot gold prices ended lower by 1.5% closing at 1807.5 per ounce as a rising bets on a potential vaccine against the pandemic after a yearlong battle continued to weigh on the safe haven appeal. “Equity markets remain on a firmer footing reflecting upbeat risk sentiment. While economic indicators indicate that the economies are coping with the virus related restrictions, market nerves… Read full this story
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