Commodity Summary
MCX
NEW DELHI: Gold and silver futures for December delivery were trading up to half-a-per cent lower on Wednesday on reduced safe haven appeal, as hopes of a Covid vaccine outweighed concerns over a short-term rise in Covid cases globally.
Gold futures were down 0.39 per cent at Rs 50,570 per 10 grams. Gold prices are off recent highs of Rs 56,379. Silver futures for December delivery were trading 0.55 per cent lower at Rs 62,902 per kg.
"Bullion counters may continue to trade with bearish bias where gold may test Rs 50,400 and facing resistance near Rs 51,009. Silver may trade with higher volatility," SMC Global said in a note.
Several US states began restricting gatherings and mandating face-coverings after more than 70,000 Americans were hospitalised for treatment of COVID-19 as of Monday, according to a Reuters tally of public health figures.
The US Fed Federal Reserve Chair Jerome Powell on Tuesday said that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. “We're seeing states begin to impose some activity restrictions," Powell said in an online discussion with the Bay Area Council, a San Francisco-based business group.
Data released overnight showed US retail sales rising mere 0.3 per cent in October, the smallest gain since the recovery started in May, after increasing 1.6 per cent in September.
That said, hopes that a Covid vaccine could be out by the end of year kept the sentiment muted on bullion counters.
US-based Moderna Inc recently said its experimental vaccine was 94.5 per cent effective in preventing Covid-19 based on interim data from a late-stage clinical trial. Moderna is the second US company in a week to report results that far exceed expectations, Agencies reported.
Globally, gold prices edged lower due to optimism over a potential covid-19 vaccine, but concerns over the economic impact from the resurgence of coronavirus cases in the united states limited their decline. Spot gold fell 0.1% to $1,877.39 per ounce by 0344 GMT, while U.S. gold futures were down 0.5% at $1,875.30.
Gold futures were down 0.39 per cent at Rs 50,570 per 10 grams. Gold prices are off recent highs of Rs 56,379. Silver futures for December delivery were trading 0.55 per cent lower at Rs 62,902 per kg.
"Bullion counters may continue to trade with bearish bias where gold may test Rs 50,400 and facing resistance near Rs 51,009. Silver may trade with higher volatility," SMC Global said in a note.
Several US states began restricting gatherings and mandating face-coverings after more than 70,000 Americans were hospitalised for treatment of COVID-19 as of Monday, according to a Reuters tally of public health figures.
The US Fed Federal Reserve Chair Jerome Powell on Tuesday said that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. “We're seeing states begin to impose some activity restrictions," Powell said in an online discussion with the Bay Area Council, a San Francisco-based business group.
Data released overnight showed US retail sales rising mere 0.3 per cent in October, the smallest gain since the recovery started in May, after increasing 1.6 per cent in September.
That said, hopes that a Covid vaccine could be out by the end of year kept the sentiment muted on bullion counters.
US-based Moderna Inc recently said its experimental vaccine was 94.5 per cent effective in preventing Covid-19 based on interim data from a late-stage clinical trial. Moderna is the second US company in a week to report results that far exceed expectations, Agencies reported.
Globally, gold prices edged lower due to optimism over a potential covid-19 vaccine, but concerns over the economic impact from the resurgence of coronavirus cases in the united states limited their decline. Spot gold fell 0.1% to $1,877.39 per ounce by 0344 GMT, while U.S. gold futures were down 0.5% at $1,875.30.
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