Key Points:
- Gold slumped more than 5 per cent on Monday, to hit its biggest single-day fall since August, as news of the first successful late-stage COVID-19 vaccine trial made news.
- Globally, gold prices edged higher in early Asian trade on Tuesday after falling as much as 5.2 per cent in the previous session. Spot gold rose 0.5 per cent to $1,871.81 per ounce by 0136 GMT.
- Mumbai Gold Rate stands at ₹50,730 per 10 Grams
The festival of lights, Diwali, is two days away and Gold is the most purchased metal during the festival. It is said that purchasing Gold during the festival is considered auspicious but, not everyone can afford the sky-high priced metal. Gold, along with Silver, this year, just before the festive season starts, has seen a drop in its prices. The smiles on the customers faces, who are planning on jewellery shopping, have never been so wide.
The Yellow metal dipped down more that 5% on Monday, which was also because of the first successful Covid-19 vaccine trial made news. The news of vaccine trial impelled investors to dump safe-haven precious metals and take up the riskier assets. The five percent fall was its biggest single-day fall since the month of August.
Gold slipped from seven-week highs to a 3.5-month low. Spot gold was down 4.9 per cent at $1,854.44 per ounce while US gold futures slid 4.9 per cent to $1,855.30.
Silver crashed by 8 percent in the market.
In the session prior to this, Gold had collapsed to Rs. 2,500 per 10 gram in Indian markets while silver had crashed Rs. 4,600 per kg.
The low gold prices may lead to a bulk shopping by the customers due to the upcoming Festive season. The jewellery demand may also rise due to this move. Diwali 2020 begins on 12th of November.
The current rates of Gold (24 Carat) and Silver as per cities: (November 11 Rates)
| CITY | GOLD RATE / 10 Grams | SILVER RATE / 10 Grams |
| Delhi | ₹ 53,610 | ₹ 628 |
| Mumbai | ₹ 50,730 | ₹ 628 |
| Chennai | ₹ 52,130 | ₹ 674 |
| Kolkata | ₹ 52,530 | ₹ 628 |
