NEW DELHI:
Gold prices gained on Thursday following the trend in global markets amid lingering tensions between the US and China and riots in the States. The number of Covid-19 patients also climbed swiftly in India.
Total number of Covid patients in India reached 2.07 lakh while fatalities climbed to 5,800. Nomura said a collapse in demand is coming as households and companies vie for cash.
Gold futures were up 0.25 per cent or Rs 116 at Rs 46,124 per 10 grams. Silver futures slid 0.02 per cent or Rs 9 to Rs 48,445 per kg.
Spot gold prices were trading at Rs 47,884 per 10 gram in the national capital on Wednesday, according to
HDFC Securities.
Globally, gold prices gained from last session's fall on lingering political tensions and a weaker dollar, but were still near their lowest in over a week as equities were set to extend their gains on economic optimism.
Spot gold rose 0.4 per cent to $1,703.67 per ounce, as of 0212 GMT. On Wednesday, it fell 1.7 per cent to reach its lowest since May 27.
U.S. gold futures were flat at $1,704.90.
The European Central Bank is certain to give more stimulus, with the only question being timing- whether later on Thursday or holding out until July. More stimulus and lower interest rates tend to benefit gold, which is often seen as a hedge against inflation and currency debasement.
SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings, rose 0.4 per cent to 1,133.37 tonnes on Wednesday.
Palladium rose 0.6 per cent to $1,961.17 per ounce and platinum rose 0.7 per cent to $831.58, while silver was down 0.4 per cent to $17.59.