On Friday, November 13, the price of Gold remained steady as New COVID-19 Cases Overshadow Vaccine Hopes. On Multi Commodity Exchange (MCX), gold futures (December 2020) was marginally up by 0.11 percent to Rs 50,658 per ten grams. Spot gold In the international market stood steady at USD 1,876.92 per ounce but was heading for its worst weekly performance since late-September, falling 3.8 percent thus far.
Gold prices in India were also propelled by a steady dollar. A stronger dollar makes the precious metal costlier for buyers in the Indian rupee as the country's demand for gold is largely met by imports.
The Indian rupee opened marginally higher at 74.62 per dollar on Friday, against the previous close of 74.65. The heads of the U. S Federal Reserve and the European Central Bank informed that while they welcome the encouraging results in trials of a COVID-19 vaccine, the economic outlook remains uncertain.
Meantime, Indian stock markets opened lower on Friday following a selloff in Asian counterparts as rising pandemic cases globally dampened investor sentiment.
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