Gold and silver prices inched up on Thursday as US Federal Reserve said the “uncertainties about the outlook remain, including those posed by the new coronavirus”. “Gold has risen this year as the outbreak of the deadly virus threatens to harm the world economy. Silver recoups some of the massive losses as anxiety lingers in global markets over the coronavirus outbreak. The World Health Organisation (WHO) has said to consider again whether to designate the outbreak a matter of global concern. Gold trading range for the day is 39899-40683, while the trading range for the silver is 45030-46006,” Ajay Kedia, Managing Director and Research Head, Kedia Advisory said. On MCX, the gold February futures were trading Rs 222 or 0.55 per cent higher at Rs 40,572 per 10 grams while silver March futures were ruling at Rs 45,885 per kg, up Rs 334 or 0.73 per cent.
Spot gold rose 0.1 per cent to $1,578.05 per ounce, having gained 0.7 per cent in the previous session. US gold futures climbed 0.5 per cent to $1,577.70. US crude and Brent crude each shed a percentage point, with Brent last trading at $59.21 per barrel, according to Reuters news report.
Back in India, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,014. 27 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1, 520.90 crore on Wednesday, as per the data available with NSE. Domestic equity benchmark indices Sensex and Nifty were trading volatile on Thursday ahead of a host of events such as ahead of the expiry of the January series of Futures & Options (F&O) contracts, the announcement of GDP numbers, Economic Survey, Union Budget.
Meanwhile, India’s gold demand fell nine per cent to 690.4 tonnes in 2019 from the previous calendar year as record domestic prices and economic slowdown dented retail purchase, PTI quoted the World Gold Council (WGC) as saying.