Gold trades flat on the MCX

Gold was trading flat on Friday with rising 0.20% after opening at Rs 50,041 per 10 gram after a downfall for consecutive 3 trading sessions.

Gold was trading flat on Friday with rising 0.20% after opening at Rs 50,041 per 10 gram after a downfall for consecutive 3 trading sessions.

On the Multi-Commodity Exchange (MCX), December gold contracts closed at Rs 50,092 per 10 gram. Silver futures closed up by 0.76 percent at Rs 61,980 per kg.

Strength in the dollar index caused the gold contracts in the US to settle at $1864.50 per troy ounce and silver contract to settle at $24.10 per troy ounce.

“Gold has come under pressure after failing to break past the $1900/oz level. Weighing on gold price is progress in vaccine trials for COVID-19. A number of companies have reported progress in trials in last few days however these are still preliminary readings and there is not much clarity on how soon a vaccine can become available publicly”, Kotak Securities said in a note.

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