Gold, Silver prices in India on November 1: Gold prices in the Indian commodity market traded flat on Tuesday, near the key level of Rs 50K, tracking global cues. Gold December Futures on the Multi Commodity Exchange traded at Rs 50,854, after yesterday's close of Rs 50,830, after hitting an intraday low and high of 50,738 and 50,888, respectively.
Silver December Futures, traded mere Rs 130 points lower at Rs 63,561 per kg today after they touched an intraday low of Rs 63,300 per kg and a high of Rs 63,715.
Overseas, gold prices edged lower on Tuesday as investors weighed concerns over-optimism over positive developments around a second possible COVID-19 vaccine. However, spiking coronavirus cases globally capped losses in the bullion.
Spot gold was trading flat at $1,890.27 per ounce, while U.S. gold futures were stable at $1,889.70.
The yellow metal also fell as much as 1.3% overseas, over news that drugmaker Moderna's experimental COVID-19 vaccine was 94.5% effective in preventing COVID-19, interim data from a late-stage trial showed, becoming the second U.S. drugmaker after Pfizer with effective results.
The bullion rose in the morning trade today after President-elect Joe Biden called on Congress to come together and pass a new coronavirus relief package in the US.
Speaking on gold's outlook, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said," Yesterday, Gold prices closed 0.31% lower at 50,830 levels and silver closed 0.17% lower at 63,691 levels on the back of a recovery in the global equity market."
He added," Development on the front of coronavirus vaccine put pressure on gold and silver as the safe-haven demand may fade out. Supply also expected to rise in the coming days from the major gold mines as workers may return and resume production of the metal. The trend of Gold and silver now become sideways to down and the expectation of safe-haven demand of this asset may fade."
On today's technical outlook, he said," As for today traders can go for sell in gold at Rs 51000 levels with the stop loss of Rs 51300 levels for the target of 50500 levels. They can also go for sell in Silver at Rs 64,000 levels, with the stop loss of 64600 levels and for the target of 62800 levels."
Domestically, gold prices at MCX hit an all-time high of Rs 56,200 in August 2020. However, the price of yellow metal has fallen 11% since then, once the lockdown restrictions eased followed by the news of development regarding the Covid 19 vaccine.
While surging virus infections across Europe, as well as the US, have kept the outlook for the bullion bullish, fresh triggers weighing vaccine progress have led the consolidation of around the $1800-1900 mark for gold futures overseas.