Gold Price In India: Domestic gold and silver futures jumped on Tuesday, recovering some of the sharp losses the previous day. Multi Commodity Exchange (MCX) gold futures (expiry on December 4) rose by Rs 701 - or 1.41 per cent - to Rs 50,449 at the strongest level of the day. Silver also rose, gaining by Rs 2,013 - or 3.31 per cent - to Rs 62,867. The gold and silver contracts had slumped to Rs 49,748 and Rs 60,854 respectively on Monday, as news of the first successful late-stage COVID-19 vaccine trials prompted investors to dump safe-haven bullion and flock to riskier assets. (Also Read: Is Silver The New Gold?)
Comex gold futures were last seen trading 1.31 per cent higher at $1,878.70 per ounce on Tuesday, while silver futures were up 2.34 per cent at $24.26 per ounce.
The dollar index - which gauges the greenback against six currencies - hovered in a narrow range, and was last up 0.08 per cent. The rupee edged lower to close at 74.17 against the US dollar on Tuesday.
Domestic spot gold closed at Rs 50,665 per 10 grams on Tuesday, and silver at Rs 61,784 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
On Monday, global equities had surged after US-based drug maker Pfizer said its experimental COVID-19 vaccine was more than 90 per cent effective.
Pfizer and German partner BioNTech SE said they expect to seek US emergency use authorization later this month.