Gold futures skid in domestic market on Thursday as strong US economic data put pressure on prices. However, some of the effects were offset by the fast-spreading coronavirus outbreak that is hitting the global economy.
Another 73 people on the Chinese mainland died on Wednesday from the virus outbreak, the highest daily increase so far, bringing the total death toll to 563, the country's health authority said.
Gold futures were down 0.26 per cent to Rs 40,096 per 10 grams, while
silver futures were up 0.16 per cent to Rs 45,810 per kg.
Brokerages SMC Global said
bullion counters can witness sideways movement. Gold (Apr) can dip lower towards Rs 39,900 while facing resistance near Rs 40,200, while silver (Mar) can test Rs 45,600 while resistance near Rs 46,200, it added.
Globally, gold prices were little changed on Thursday. Spot gold was flat at $1,556.36 per ounce by 0100 GMT. Prices hit a more than two-week low of $1,546.90 in the previous session. US gold futures fell 0.2 per cent to $1,559.30.
The dollar held close to a two-month high hit in the previous session, against a basket of rival currencies, on the back of robust US economic data.
Meanwhile, palladium remained unchanged at $2,431.69 an ounce, silver rose 0.4 per cent to $17.67, and platinum edged higher by 0.1 per cent to $982.60.