Gold Price in India: Domestic gold futures witnessed a highly volatile trading session on Wednesday, December 9, as the yellow metal declined as equity markets rallied amid COVID-19 vaccine optimism. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lower by 1.13 per cent – at Rs 49, 543, having swung between Rs 49,806 and Rs 49,550 during the session compared to their previous close of Rs 50,109. Silver futures for a March 5 delivery were lower by Rs 1.19 per cent at Rs 63,949. (Also Read: Is Silver The New Gold?)
In the national capital, gold prices fell by as much as Rs 118 to Rs 49,221 per 10 gram today on a weak global trend. Silver rates also declined by Rs 875 to Rs 63,410 per kilogram, from Rs 64,285 per kilogram, in the previous trade. In the international market, gold was trading down at $1,860 per ounce, while silver was also quoting lower at $ 24.22 per ounce.
— IBJA (@IBJA1919) December 9, 2020
Domestic spot gold closed at Rs 49,689 per 10 grams on Wednesday, and silver at Rs 63,392 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“Spot gold prices for 24 karat in Delhi fell by Rs 118, in line with weak global gold prices and flat rupee. The spot rupee was trading around 1 paisa weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
“Gold prices traded under pressure on strong equity indices as progress on COVID-19 vaccine approvals and distribution outweighed record US coronavirus hospitalisations,” he added.