Gold prices today slide as US moved towards vaccination

NEW DELHI: Gold and silver futures prices slid lower in the morning trade on Wednesday as the US moved towards early vaccination to its people while companies raced towards getting approvals from authorities.

US officials on Tuesday unveiled plans to begin vaccinating millions of Americans against Covid-19 as early as mid-December, as infections and hospitalizations continue to soar. Meanwhile, Moderna and Pfizer-BioNTech are in a tight race to launch their vaccines in Europe after both applied for emergency European Union approval on Tuesday

Gold futures on MCX were down 0.28 per cent or Rs 135 at Rs 48,432 per 10 grams. Silver futures fell 0.96 per cent or Rs 609 to Rs 62,589 per kg.

In the spot market, gold prices rose Rs 45 to Rs 48,273 per 10 gram in the national capital on Tuesday on a positive global trend, according to HDFC Securities. Silver prices also gained Rs 407 to Rs 59,380 per kg.


Globally, Gold prices edged lower on Wednesday on growing progress over a coronavirus vaccine to aid a swift global economic recovery, with investors eyeing the possibility for further U.S. stimulus.

Spot gold fell 0.1 per cent to $1,813.75 per ounce by 0050 GMT, after jumping more than 2 per cent in the previous session. US gold futures fell 0.1 per cent to $1,816.90.

Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.3 per cent to 1,191.28 tonnes on Tuesday from 1,194.78 tonnes on Monday.

Silver fell 0.5 per cent to $23.89 an ounce , while platinum dropped 0.6 per cent to $994.00 and palladium was down 0.4 per cent at $2,397.