Gold prices today rise bucking trend in international market

NEW DELHI: Gold and silver futures prices in the domestic market defied international trend and edged higher in the morning trade on Thursday even as Pfizer got UK approval for its vaccine.

US health experts on Wednesday welcomed Britain’s approval of Pfizer Inc‘s Covid-19 vaccine, in a sign that U.S. regulators may soon follow suit to combat the pandemic. Positive vaccine news could push more money out of gold and into riskier assets as bullion is regarded as a safe investment during uncertain times.

Gold futures on MCX were up 0.62 per cent or Rs 305 at Rs 49,252 per 10 grams. Silver futures added 0.77 per cent or Rs 487 to Rs 63,812 per kg.

In the spot market, gold prices rose Rs 675 to Rs 48,169 per 10 gram on Wednesday reflecting gains in global precious metal prices, according to HDFC Securities. Silver also rose Rs 1,280 to Rs 62,496 per kg.

Globally, Gold prices edged lower on Thursday as news of the world’s first vaccine approval from Britain underscored hopes of a swift economic recovery, weighing on bullion’s safe-haven demand, while investors kept a close eye on potential U.S. stimulus.

Spot gold slipped 0.2 per cent to $1,826.10 per ounce by 0156 GMT, U.S. gold futures were trading steady at $1,829.50.

Silver fell 1.2 per cent to $23.82 an ounce, while platinum dropped 0.7 per cent to $1,007 and palladium was up 0.1 per cent at $2,401.60.

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