NEW DELHI:
Gold and silver continued their ascent on Wednesday as Covid-19 patient count continued to surge rapidly deepening the worries of investors on
Dalal Street who rushed to safe havens.
India has reported 1.06 lakh cases by now with over 3,300 deaths. Investors have been largely unimpressed by the stimulus measures announced by the government.
Gold futures were up 0.53 per cent or Rs 248 at Rs 47,298 per 10 grams. Silver futures added 1 per cent or Rs 489 to Rs 49,310 per kg.
Spot gold markets remained shut due to lockdown in the country to check the spread of Covid-19, according to
HDFC Securities.
Globally, gold prices were steady as a rising dollar offset support for the metal from easing equities and growing concerns of a
global recession.
Spot gold was unchanged at $1,743.99 per ounce by 0030 GMT, having gained 0.7 per cent in the previous session on recession fears.
U.S. gold futures rose 0.2 per cent to $1,748.50.
The dollar gained about 0.2 per cent against key rivals, making gold costlier for investors using other currencies, while Asian equities were likely to come under pressure.
The global palladium market will see its smallest deficit since at least 2012 this year, while the
platinum market remains significantly oversupplied, an industry report said.
Palladium fell 1.4 per cent to $2,029.50 per ounce and silver eased 0.1 per cent to $17.38, while platinum gained 0.4 per cent to $836.01.