Gold futures on Multi Commodity Exchange (MCX) were trading 1.3 percent or Rs 644 higher in Tuesday morning session at Rs 50,392 per 10 grams. In line with, Silver futures too were trading 2.19 percent or Rs 1,330 higher at Rs 62,184 per kg. The recovery in Indian market prices was on the back of a surge in international rates of the precious metal that gained on the expectation of additional US stimulus measures to curtail the impact of a rise in COVID-19 cases.

Pharma Giant Pfizer Inc said its experimental COVID-19 vaccine was more than 90 percent effective in Phase 3 trials, which impacted Indian markets. Gold futures to slump Rs 2,500 per 10 gram while silver had crashed Rs 4,600 per kg. Spot gold was down 4.2 percent to  USD 1,870.51 per ounce on Monday night, which is a sharp contrast from its near two-month peak of  USD 1,965.33 that it hit in the morning session on the back of a weaker dollar and hopes of additional US stimulus on Joe Biden's win in the presidential election.

Experts say that markets are holding on to gold as they await clarity on stimulus measures to support the world's largest economy and some unanswered questions on the vaccine's effectiveness.

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