Gold prices rise today, snap three-day losing streak despite ease in lockdown restrictions in India

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May 6, 2020 12:22 PM

On MCX, gold June futures rose Rs 37 to Rs 45,788 per 10 grams. Similarly, silver July futures were trading Rs 403 or 0.96 per cent higher at Rs 42,299 per kg

gold priceGlobally, yellow metal prices slipped on the back of gradual easing of coronavirus triggered restrictions by many countries in an attempt to revive their economic activity

Gold prices in India edged higher in trade, after a weak opening on Wednesday. On MCX, gold June futures rose Rs 37 to Rs 45,788 per 10 grams. Similarly, silver July futures were trading Rs 403 or 0.96 per cent higher at Rs 42,299 per kg. Globally, yellow metal prices slipped on the back of gradual easing of coronavirus triggered restrictions by many countries in an attempt to revive their economic activity, which dented the demand for the gold. “More pressure came in as two of the world’s biggest gold refiners, Valcambi and Argor-Heraeus, have restored almost all operations after Switzerland relaxed coronavirus lockdown measures after a gap of almost 6 weeks. The key focus for today would be ADP employment change, hence the evening session is likely to be volatile,” Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers, said.

Spot gold eased 0.3 per cent to $1,700.66 per ounce. US gold futures were steady at $1,710.90. Palladium gained 0.4% to $1,808.73 per ounce, while Platinum eased 0.1 per cent to $763.73 and silver prices slipped 0.1 per cent to $15.01. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.4 per cent to 1,076.39 tonnes on Tuesday from 1,071.71 tonnes on Monday, according to Reuters.

Also Read: India’s love for gold locked down in coronavirus jail; gold import falls to almost nil in April

Gold prices in India hit fresh record highs twice in the month of April on the back of rising coronavirus patients in the country and elsewhere. On April 15, gold prices touched a record high of Rs 46,785 per 10 grams. Meanwhile, coronavirus cases in India are inching towards 50,000-mark with death toll approaching 1,700, according to the government data. Over 36.6 lakh people are infected by a coronavirus and more than 2.5 lakh people died due to the COVID-19 around the world.

On the domestic equity front, benchmarks BSE Sensex and Nifty 50 gained in trade. Sensex was trading at 31,873.69, up 420.18 points or 1.34 per cent. The broader Nifty 50 index gained 116 points or 1.26 per cent at 9,321.95.

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