Gold and silver prices in India edged lower today amid weak global trend. On MCX, gold futures dipped 0.03% to 48,501 per 10 gram while silver futures fell 0.5% to 59,570 per kg. In the previous session, gold prices had slipped 0.11% while silver had ended flat. In five days, gold rates in India have dropped nearly 1,700 per 10 gram, in line with a similar fall in global rates.

In global markets, gold prices edged 0.3% lower to $1,810.44 an ounce. For the week, gold remains down over 3% as progress in Covid-19 vaccine development and US President-elect Joe Biden's transition to the White House bolstered risk sentiment.

Among other precious metals, silver today fell 0.9% to $23.25 per ounce, while Platinum fell 0.1% to $961.18 and palladium was up 0.3% at $2,391.19.

In India, after hitting a record high of 56,200 per 10 gram, gold has been on a downward trend. "Gold has been on a downward path for last few weeks owing to reduced safe haven demand as progress on vaccine front improved future growth outlook. Political chaos in US also eased with formal start of transition of Biden Administration to power. Additionally, continuing ETF outflows show that investors are exiting the metal," Kotak Securities said in a note.