Gold prices fall for second consecutive day on muted demand, silver rates slump

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Published: April 9, 2020 10:57:59 AM

Gold prices in India fell for the second consecutive day on Thursday after it hit record high earlier this week. Following the weak global rates and muted demand, gold June futures were down  Rs 41 to Rs 44,900 per 10 grams.

Spot gold rose 0.1 per cent to $1,646.81 per ounce. US gold futures eased 0.1 per cent to $1,682.70.

Gold prices in India fell for the second consecutive day on Thursday after it hit record high earlier this week. Following the weak global rates and muted demand, gold June futures were down  Rs 41 to Rs 44,900 per 10 grams. Silver May futures slipped 0.52 per cent or Rs 224 to Rs 42,915 per kg. However, spot gold market in India remained closed amid a 21-day nationwide lockdown to contain the spread of deadly coronavirus. “MCX gold prices inched slightly lower ahead of US weekly jobless claims report as the dollar inched higher, while increasing appetite for risk on hopes that the new coronavirus pandemic is nearing a peak limited the metal’s upside,” Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers, told Financial Express Online.

Spot gold rose 0.1 per cent to $1,646.81 per ounce. US gold futures eased 0.1 per cent to $1,682.70. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3 per cent to 988.63 tonnes on Wednesday. Palladium fell 0.5 per cent to $2,164.40 an ounce, while silver eased 0.1 per cent to $15.03. Platinum gained 0.5 per cent to $733.30, Reuters reported.

On the other hand, Anuj Gupta, Deputy VP – Research, Angel Broking Ltd, expects a rally in gold prices. “Economies are giving stimulus packages and to due to this there is a chance of inflation. So, gold may also be used for hedge against inflation. Although on Akshay Tritya an auspicious day gold demand may increase. For intraday perspective traders can buy gold at 44600 with a stop loss of 44200 and target of 45500,” Anuj Gupta told Financial Express Online.

Meanwhile, the total number of coronavirus positive cases in India has reached 5,734, including 5,095 active cases while 473 have been cured or discharged, according to the Ministry of Health and Family Welfare.

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