NEW DELHI: Gold slipped further on Wednesday as economies across the world tried to return back to normalcy after a long period of lockdown, making investors move towards riskier assets even though the number of coronavirus cases continued to spike.

Businesses and citizens in less affected areas in India are enjoying relatively more freedom in movement. Meanwhile, the total number of Covid cases rose sharply to 46,711 with 1,583 deaths.

Gold futures were down 0.17 per cent or Rs 76 at Rs 45,675 per 10 grams. However, silver futures gained 0.46 per cent or Rs 192 to Rs 42,088 per kg.



Spot gold markets remained shut due to the lockdown to prevent spread of COVID-19, according to HDFC Securities.

Globally, gold prices inched lower on Wednesday as equities rose on upbeat risk sentiment stemming from gradual reopening of many economies, while a firmer dollar also weighed on prices.

Spot gold fell 0.1 per cent to $1,704.88 per ounce by 0119 GMT. U.S. gold futures rose 0.2 per cent to $1,713.00 per ounce.

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.

Gold miner Newmont Corp's adjusted profit nearly doubled on Tuesday boosted by higher production and a surge in the prices of the precious metal, as investors rushed to the safe-haven asset amid market turmoil caused by the COVID-19 outbreak.

Palladium rose 0.5 per cent to $1,809.41 an ounce, after slipping to its lowest since March 24 at $1,747.31 per ounce in the previous session.

Platinum slipped 0.2 per cent to $763.05 per ounce, while silver fell 0.1 per cent to $15.01 per ounce