Gold prices in India rose slightly on Thursday despite a drop in international rates. On the Multi Commodity Exchange (MCX), gold futures were trading 0.18 percent or Rs 88 higher at Rs 50,257 per 10 grams.  In the international market, spot gold was down 0.9 percent at USD 1,860.61 per ounce while US gold futures also declined 0.9 percent to USD 1,859.60, on the back of a stronger dollar.

Global stock markets, including India, have been moving ahead on a gain in risk sentiment among investors as prospects of an effective coronavirus vaccine took the limelight over surging infections. However, the decline in gold rates has been controlled by the logistical challenges of distributing the Pfizer vaccine in hundreds of millions of doses once it becomes available.

Meanwhile, a stronger dollar also makes the Gold expensive for buyers in other currencies. After closing 18-ps lower on Wednesday at 74.38 against the US dollar, the Indian rupee slipped further to open at 74.44 on Thursday. Analysts say the long-term outlook for gold is positive or bullish and global economic recovery is bound to take time. All eyes are focused now on government and RBI support of various countries.

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