Market: Gold Rates in India Open Higher On Tuesday

On Monday, gold prices witnessed sharp movements after Moderna announced its covid-19 vaccine is 94% effective. Rates of the precious metal are expected to stay in a tight range in the next days, even as stocks across the globe see a solid rebound.

Spot gold rates in Mumbai was around the Rs 50,000 mark for 22 grams. In the international markets, gold has been trading flat, even after positive developments of a covid vaccine from Moderna. Spot gold was little changed at USD 1,887 per ounce, while U.S. gold futures were up 0.1 percent at USD1,888.

Meantime, Indian stock markets saw positive on Tuesday. The benchmark indices opened higher after hitting a new all-time high in Mahurat Trading and positive global market cues. The US markets also hit record highs after Moderna said preliminary phase-3 trial data shows its covid vaccine is more than 94 percent effective in preventing COVID-19.

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