Gold prices touch sky high prices, silver rates jump too

By Gitanjali Mangal - November 16, 2020 4:11 pm

Gold prices touched higher in global markets today, supported by a weaker dollar.

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Spot gold rose 0.2% to $1,892.15 per ounce, after hitting its $1,898.81 earlier in the session. The dollar index today hit a one-week low, making gold cheaper for holders of other currencies. Silver rose 1.1% to $24.91 per ounce. Platinum rose 1% to $897.52, while palladium was 1.1% higher at $2,350.20.

The trading on commodity exchange MCX in India will start from 5 pm. Commodity exchange MCX will remain closed for the morning session today on the occasion of Diwali Balipratipada.

On Saturday, in the special one-hour Muhurat trading session, gold futures on MCX remained flat at 50,922 per 10 gram while silver rates edged 0.2% lower at 63608 per kg.

This entire week, gold prices on MCX fell 1,200 per kg, tracking a similar trend in overseas markets as optimism over COVID vaccine put pressure on gold prices.

In global markets, the gold prices fell 3.3% last week after Pfizer said its experimental COVID-19 vaccine was over 90% effective based on initial trial results.

Asian equities hit a record high on Monday as investors set aside fears about rising coronavirus cases and bought stocks, cheered by data showing a robust recovery in China and Japan.

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The announcement, a week ago, that Pfizer had developed a very effective vaccine has investors hoping for similar good news soon from rival Moderna and and AstraZeneca.

More data from vaccine creator Moderna Inc. is expected in the coming days, while AstraZeneca and its partner, the University of Oxford, may also have preliminary results in the next few weeks.

-PTC News

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