Gold Prices Trade Higher On Friday

Gold prices for December delivery on the MCX opened marginally higher at Rs 50,025 per 10 grams. In the international market too gold recovered after falling on Thursday.

In fact, since the start of the week gold prices have been showing a weakish trend as the dollar firmed and progress on a COVID-19 vaccine development boosted hopes of a faster economic rebound. Also, fading hopes of a stimulus in the US has also pressure on gold prices.

In India, the festive season is over, which means demand for physical gold is likely to be subdued. However, since Indian markets take cues from developments abroad, the dollar movement and development on the covid vaccine would be closely watched.