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The Economic Times

Gold rate falls on profit booking amid rising Covid-19 cases

NEW DELHI: Gold and silver traded lower in Friday's session as investors booked profit, preferring to sit on cash while Covid-19 cases continued to rise in India.

With businesses shut in several cities in India amid rising threat of coronavirus, investors are wary of betting on any asset class. The number of active cases were at 901, as per government data.

Gold futures were down 0.56 per cent or Rs 243 to Rs 43,302 per 10 grams. Silver futures were down 2.92 per cent or Rs 1194 to Rs 39,700 per kg.

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Spot gold markets in India remained shut on Friday due to countrywide lockdown, while the precious metal was quoting flat in the international market, according to HDFC Securities.

"Spot gold markets in India remained shut due to countrywide lockdown to prevent spreading of COVID-19," HDFC Securities said.

Globally, gold prices edged up on Monday as the US dollar hovered near a two-week low touched in the previous session, while coronavirus lockdowns tightened across the world and stoked fears of economic damage, lifting demand for safe-haven bullion.

Spot gold was up 0.3 per cent at $1,621.85 per ounce, as of 0029 GMT. US gold futures rose 1 per cent to $1,641.80.

The dollar was holding close to its lowest since March 17, touched on Friday, making gold cheaper for investors holding other currencies.

Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 1.17 per cent to 964.66 tonnes on Friday.

Palladium rose 0.8 per cent to $2,287.98 per ounce, platinum slipped 0.5 per cent to $738.05, while silver eased 0.8 per cent to $14.36.

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