Gold prices and silver prices tanked on Tuesday after pharmaceutical giant Pfizer said that its experimental vaccine for coronavirus was more than 90 per cent effective in preventing COVID-19.

In the national capital, prices of the yellow metal tumbled Rs 662 to Rs 50,338 per 10 gram, as per HDFC Securities. Similarly, silver also tumbled Rs 1,431 to Rs 62,217 per kilogram from Rs 63,648 per kilogram in the previous trade.

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In the previous trade, gold had closed at Rs 51,000 per 10 gram.

“Correction in gold prices in India may attract festival buying ahead of auspicious ‘Dhanteras’,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading in the green at USD 1,886 per ounce, while silver was quoting flat at USD 24.31 per ounce.

“Gold prices earlier witnessed sell-off on vaccine hopes. However, prices recovered today on supportive fundamentals with dovish stance from central banks amid slower economic growth and ongoing lockdown in Europe,” Patel added.