Gold fights back, rebounds above $1,900 after biggest loss in 7 years

It had dropped as much as 5.7% (intra-day) on Tuesday, the biggest one-day loss in seven years and finally settled at $1,863.15 an ounce

Global gold prices rebounded on Wednesday, extending a series of wild swings that saw the metal hit a record last Friday, before plunging to below $1,900 an ounce. The dire UK economic data renewed fears over a Covid-19-triggered slowdown and prompted a rebound in the metal.

But in India (at Mumbai's Zaveri Bazar), bullion declined and closed at Rs 53,415 per 10 gram, against Tuesday's Rs 53,735. Silver, too, fell 7.67 per cent to close at Rs 65,749 a kg, against the previous day's Rs 71,211. HDFC Securities Senior Analyst (Commodities) Tapan Patel said the coronavirus vaccine announcement by Russia triggered