NEW DELHI: Gold and silver futures for December delivery fell on Thursday on reduced safe haven appeal, as hopes of a Covid vaccine outweighed concerns over a short-term lockdown globally.
Gold futures on MCX were down 0.28 per cent at Rs 50,185 per 10 grams. Gold prices are off recent highs of Rs 56,379. Silver futures for December delivery were trading 0.62 per cent lower at Rs 62,157 per kg.
“Bullion counter may continue to trade with bearish bias where gold may test Rs 50,100 and face resistance near Rs 50,480 while silver may trade with higher volatility where it may test Rs 61,800 facing resistance near Rs 63,020,” SMC Global said in a note.
There were reports that Pfizer Inc and BioNTech could secure emergency US and European authorization for their Covid-19 vaccine next month after final trial results showed it had a 95 per cent success rate and no serious side effects, the drugmakers said on Wednesday.
Bullion investors, meanwhile, shrugged concerns over lockdowns after the US death toll from Covid 19 surpassed a grim new milestone of 250,000 lives lost on Wednesday and New York City’s public school system, the nation’s largest, called a halt to in-classroom instruction, citing a jump in coronavirus infection rates.
New York City has joined other large school districts in cities like Boston, Detroit, Las Vegas, Philadelphia that have recently canceled in-person learning due to rising coronavirus cases, Reuters reported.