Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
The Economic Times

Gold rate eases on profit booking amid rise in equities

A day after a massive jump, bullion counters eased on Wednesday as demands for riskier assets grew ensuing profit booking in precious metal counters in the domestic market.

With businesses shut in several cities in India amid rising threat of Covid-19, the economic situation, however, remains precarious. The number of reported Covid-19 cases were at 4,789, as per the government data.

Gold futures were down 0.65 per cent or Rs 291 to Rs 44,790 per 10 grams. Silver futures slipped 1.79 per cent or Rs 777 to Rs 42,717 per kg.

Spot gold markets in India remained shut on Tuesday due to countrywide lockdown to prevent spreading of Covid-19.

Globally, gold prices eased as the US dollar firmed, while signs of a slowdown in the new coronavirus cases in major hot spots hurt the metal's safe-haven appeal and pushed it further away from a near one-month high hit in the previous session.

goldpricewidget

Spot gold slipped 0.2 per cent to $1,644.99 per ounce by 0049 GMT, having risen to its highest since March 10 on Tuesday. US gold futures eased 0.7 per cent to $1,671.30.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.15 per cent to 985.71 tonnes on Tuesday.

Palladium gained 0.6 per cent to $2,188.27 per ounce, while platinum slipped 0.7 per cent to $729.03.
Stay on top of business news with The Economic Times App. Download it Now!