Gold prices rebounded today after falling

AHMEDABAD. 17 November 2020, Tuesday

Today, India rebounded after a sharp fall in gold prices last week. However, there has been no increase or decrease in the price of silver. On the MCX, December gold futures rose 0.05 per cent to Rs 50,856 per kg, while silver futures remained steady at Rs 63,700 per kg. Gold prices were down about 0.2 percent on the last working day. On the day of Diwali, there was an hour of business.

Gold prices fell by Rs 1,200 on MCX last week. The same trend was seen in overseas markets as the price of gold, which had been hoping for a corona vaccine, increased.

This is the price of gold in the global market

The price of gold was stable in the global market today. Growth in coronavirus cases in the US and Europe has had an impact. At the same time, the American pharmaceutical company Modernna Inc. said that their vaccine was 94.5 percent effective in the initial stage. As a result, gold remained stable at 8 1,890.43 an ounce today.

Gold prices fell 1.3 percent in global markets on Monday as a result of the drug corona's vaccine. Meanwhile, Federal Reserve Vice Chairman Richard Clarida said Monday that successful tests of the corona vaccine have increased the likelihood of a boom in U.S. economic recovery.

It may be noted here that according to the report of the World Gold Council, India currently has the highest amount of 653 metric tonnes of gold. At the same time, India ranks ninth in the world in terms of gold reserves. That's 7.4 percent of its total foreign exchange reserves.