Gold and silver prices retreated in Indian markets after a sharp fall in the previous session. On the MCX, December gold futures witnessed a jump of 0.22 per cent to touch Rs 52,168 per 10 gm, while silver December futures were at Rs 63,355 per kg. Also Read: Early Diwali On Dalal Street! Sensex Touches New High Of 42,500 Points, Nifty At A Fresh Peak Of 12,461


In the previous session on Monday, precious metals have fallen its lowest level globally since September 28, after the US drugmaker Pfizer Inc announced the effectiveness of its experimental Covid-19 vaccine based on initial trial results.

In the earlier session, gold had slumped ₹2,500 per 10 gram in Indian markets while silver had crashed ₹4,600 per kg after Pfizer announced promising results on the coronavirus vaccine study.

In global markets, gold prices edged higher after falling over 5% in the previous session. Spot gold rose 0.5% to $1,871.81 per ounce. Investors were quick enough to draw from defensive assets and poured cash into markets that are closely tied to economic growth.

Gold has lost the gains from the US election after the vaccine news came in where the company said it more than 90% effective. Among other precious metals, silver today rose 0.1% to $24.10 per ounce while platinum was up 0.2% at $868.30.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, fell 0.83% to 1,249.79 tonnes on Monday.

Here are prices of gold and silver today in top cities


In New Delhi, the gold price of 22-carat rose to Rs 50,460 per 10 gm, while in Chennai it climbed to Rs 48,850, according to Goodreturns, a personal finance website. In Mumbai, the rate was Rs 51,190 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,160 per 10 gm. Gold jewellery prices tend to differ across the states due to excise duty, state taxes, and making changes.

Meanwhile jewellers are upbeat about the recovery and optimistic that a rebound in the economy and pent up demand will lead to sales during 'Dhanteras'. The industry is expecting to rake in 70 per cent of last year's business.

It is to be noted that the eighth tranche of sovereign gold bond of this fiscal is open for subscription. The issue price has been fixed at ₹5,177 per gram of gold. You can avail a discount of ₹50 per gram if you are applying online and the payment against the application is made through digital mode.

(With Agency Inputs)