Gold Price Outlook: Rates did not sustain at higher levels and fell gradually. In fact, gold price fall has halted in the last two sessions as investors took stock of doubts raised over the efficacy of an inexpensive Coronavirus vaccine but the precious metal was set for a third week of declines. Hence, ICICI Securities expect gold prices to remain in the range of Rs 48400- 48800 levels for the short-term.

Mounting number of Covid-19 cases along with their economic toll raised investor expectations of further fiscal and monetary support. The dollar index held close to near three-month lows, raising gold's appeal for other currency holders. Meanwhile, an extension of Coronavirus restrictions in Germany and a weak growth forecast for Britain kept European shares flat. US Federal Reserve policymakers discussed how the central bank's asset purchases could be adjusted to provide more support for markets, according to the minutes of its November 4-5 meeting. US President-elect Joe Biden has urged people to forgo big family gatherings, wear protective masks and maintain social distancing for the Thanksgiving holiday. However, Americans are defying pleas from officials to stay at home. The US has recorded 2.3 million new infections in the past two weeks.