Gold prices eased from record-high levels hit in the previous session due to profit-booking by the traders on Thursday. Yesterday, MCX gold touched a record high of Rs 46,785 per 10 gram, gaining 22% in just 17 trading sessions. On MCX, gold June futures were trading Rs 21 down at Rs 46,689 per 10 grams, while the silver May futures were ruling at Rs 43,786 per kg, down Rs 245 or 0.56 per cent. “MCX gold witnessed correction on Thursday morning. The yellow metal inched lower yesterday after hitting an all-time high as a stronger dollar limited the metal’s gains. The downside was limited as fears of a deep global recession due to the novel coronavirus outbreak were heightened by bleak US economic data,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stocks Brokers, told Financial Express Online.
Spot gold gained 0.1 per cent to $1,717.20 per ounce. US gold futures were up 0.3 per cent at $1,745.70. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4 per cent to 1,021.69 tonnes on Wednesday. Palladium gained 0.3 per cent to $2,185.93 an ounce, while silver slipped 0.6 per cent to $15.38 and platinum fell 1.1 per cent to $770.80, Reuters reported. “Looking at the current scenario, we expect the bullion to stay positive hence it’s clearly a buy on dips market,” Jigar Trivedi added.
Meanwhile, the total number of coronavirus positive cases in India reached 12,380 and the death toll stands at 414, according to the latest data released by the Union Health Ministry said on Thursday. “Central banks around the globe continue to take measures with an objective to combat the virus outbreak. US retail sales suffered a record drop in March and output at factories declined by the most since 1946 amidst the COVID-19 impact. Market participants will focus on weekly jobless claims scheduled today,” Navneet Damani, VP, Motilal Oswal Financial Services said. “On domestic front, prices could hover in the range of Rs 46,350-46,900,” Damani added.