NEW DELHI:
Gold gained on Tuesday amid fast rising
coronavirus cases in India and escalating trade tensions between US and China.
Silver prices, on the other hand, slipped as the
precious metal witnessed profit booking.
US lawmakers and officials are crafting proposals to push American companies to move operations or key suppliers out of China that include tax breaks, new rules, and carefully structured subsidies.
Gold futures were up 0.38 per cent or Rs 175 at Rs 46,830 per 10 grams. Silver futures dropped 0.22 per cent or Rs 105 to Rs 49,593 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 prices inched up on Tuesday, supported by strained Sino-US relations and a dismal global economic outlook, although positive news from an early-stage trial for a coronavirus vaccine spurred some risk appetite and capped the metal's gains.
Spot gold was up 0.2 per cent at $1,735.04 per ounce by 0042 GMT. US gold futures gained 0.2 per cent to $1,737.10.
On Monday, the metal fell back from a more than seven-year high to settle 0.5 per cent lower, as stocks and oil surged after
drugmaker Moderna said its experimental vaccine showed promising results in an early-stage trial.
Gold has risen about 14 per cent this year as central banks rolled out a wave of rate cuts and other stimulus to limit the economic damage from the pandemic. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Palladium slipped 0.9 per cent to $1,995.76 per ounce, platinum fell 0.5 per cent to $814.01, and silver fell 0.5 per cent to $17.09.