New Delhi: Gold and silver prices fell today on some profit-taking after the recent upmove. On MCX, February gold futures dipped 0.24% to ₹50,270 per 10 gram.
Snapping a three-day gain, while silver rates declined 0.6% to ₹67,882 per kg. In the previous session, gold had surged 1.5% or ₹750 to ₹50,346 per 10 gram while silver jumped 3.5% or ₹2,300 per kg amid a slide in US dollar.
Analysts attribute the recent bounce in gold prices to progress in US stimulus talks and a weaker US dollar. MCX gold has support at ₹49620 and any dip below that level could trigger some correction, Geojit Financial said in a note.
In global markets, spot gold fell today after the recent bounce. Spot gold fell 0.2% to $1,881.65 per ounce but was up 2.3% so far this week. Silver also declined 1% while platinum dropped 0.8% to $1,035.91.
The US is likely to get another covid vaccine soon after after a panel of experts recommended emergency use approval of Moderna shot, advice that the country’s Food and Drug Administration is likely to act on.
The European Union is under massive pressure to approve potential vaccines after Britain and the United States began rolling out a drug produced by Pfizer and BioNtech.
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