NEW DELHI: Gold and silver gained on Thursday, tracking the trend in global markets, as US Fed’s grim warning on economic growth increased safe haven demand.
Meanwhile, fast rising Covid patient count, especially in hotspots like Mumbai, and a second wave of infections in other countries made investors
jittery. India has reported 78,000 Covid cases by now.
Gold futures were up 0.29 per cent or Rs 134 at Rs 46,115 per 10 grams. Silver futures gained 0.33 per cent or Rs 143 to Rs 43,108 per kg.
Spot gold markets remained shut due to lockdown in the country to check the spread of coronavirus, according to
HDFC Securities.
Globally, gold rose slightly as US stimulus talks and Federal Reserve Chair Jerome Powell's downbeat economic assessments supported the safe-haven metal, while investors awaited US initial jobless claims data due later in the day.
Spot gold climbed 0.1 per cent to $1,716.66 per ounce by 0037 GMT. US gold futures rose 0.6 per cent to $1,726.20.
Highlighting investor appetite for bullion, SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, rose 0.78 per cent to 1,092.14 tonnes on Wednesday.
HSBC Holdings Plc suffered mark-to-market losses of about $200 million in a single day in March after
gold prices in London and New York diverged dramatically, the bank said.
Palladium rose 0.8 per cent to $1,832.72 an ounce and platinum gained 0.2 per cent to $758.35, while silver fell 0.6 per cent to $15.55.