Gold prices struggled to edge higher today in Indian markets today amid muted global trend. On MCX, February gold futures were up 0.15% to 49,149 per 10 gram after a two-day fall, while silver rates edged down 0.11% to 63,460 per kg. In the previous session, gold had dipped 0.3% while silver had edged up 0.12%. "Intraday support for MCX gold seen near 48,820, below which corrective moves may gather momentum. Further buying can be expected only with firm move above 50,150," Geojit said in a note.


In global markets, gold rates edged higher as muted US jobs data spurred concerns about swift economic recovery. Spot gold was up 0.1% at $1,836.54 per ounce. Among other precious metals, silver fell 0.1% to $23.94 an ounce, while platinum gained 0.2% to $1,028.71 and palladium was up 0.1% at $2,334.03.

Gold's gains were however capped after a US government advisory panel endorsed widespread use of Pfizer’s coronavirus vaccine on Thursday. Shots could begin within days, depending on how quickly the Food and Drug Administration signs off, as expected, on the expert committee’s recommendation, a top official had said earlier.

Data released on Thursday showed US weekly jobless claims jumped to a near three-month high amid rising COVID-19 infections and lack of additional fiscal stimulus.

Meanwhile, UK Prime Minister Boris Johnson has warned Britain could crash out of the European Union without a trade deal. Gold is also seen as a hedge against political and economic uncertainty.

Gold was also supported by a weak dollar. The dollar came back under pressure today as investors weighed fading prospects for a stimulus deal in Washington against disappointing US jobs data.

A major headache for investors is US lawmakers' inability to agree a new stimulus, with both sides still blaming each other. Senate Majority Leader Mitch McConnell has given his backing to a $916-billion plan put forward by the White House but House Speaker Nancy Pelosi has thrown her weight behind a slightly smaller, bipartisan proposal.


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