Gold rates in India on Tuesday opened a tad bit higher, as global markets saw flattish trade for the precious metal. Gold for December Futures delivery was up marginally at Rs 50,870, as against the previous close of Rs 50,829 grams.
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 $1,887 per ounce, while U.S. gold futures were up 0.1% at $1,888.
On Monday, gold prices saw a sharp movements after Moderna said its covid-19 vaccine is 94 per cent 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.