Gold and silver prices fell sharply today in Indian markets, continuing their weak trend of recent weeks. On MCX, December gold futures fell 800 or 1.6% to 51,100.00 per 10 gram while silver futures tumbled 2% or 1,200 to 59,308 per kg. In the previous session, gold prices had slumped 750 or 1.5% per 10 gram while silver had tumbled 1,628 or 2.6% per kg.


In global markets, gold rates dropped to the lowest level in four months amid optimism over Covid-19 vaccine developments. US President-elect Joe Biden on Monday was formally given the go-ahead by a federal agency to begin his transition to the White House.

Spot gold was down 0.7% at $1,823.58 per ounce, having earlier slid to its lowest since July 21 at $1,820.45. It slumped as much as 2.2% on Monday. Silver fell 0.9% to $23.37 an ounce. Platinum rose 1.1% to $936.11, while palladium dropped 1% to $2,331.06. 

Asian stock markets were mostly higher today as progress in developing an inexpensive coronavirus vaccine boosted hopes of a swift global economic recovery. AstraZeneca on Monday said the COVID-19 vaccine that it has developed in partnership with Oxford University is likely to be cheaper to make, easier to distribute and faster to scale-up than rivals and could be up to 90% effective.

Global risk sentiment was further boosted after news reports, citing sources, said that US President-elect Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary - a move welcomed by traders particularly after incumbent Stephen Mnuchin last week sparked a spat with the central bank over access to virus relief cash.

After hitting a record high of 56,200 in August, gold prices have sagged amid vaccine progress and the recent outflow from gold-backed exchange-traded funds.