NEW DELHI: Gold and silver prices slipped on Tuesday, bucking the trend in global bullion markets as equities continued to rally on hopes of swifter recovery in the markets.

Total number of Covid-19 patients in India reached over 2.6 lakh while fatalities climbed to 7,300 levels. This is despite India having enacted strictest lockdown in the world.

Gold futures were down 0.09 per cent or Rs 43 at Rs 46,058 per 10 grams. Silver futures dropped 0.18 per cent or Rs 85 to Rs 48,100 per kg.



Gold prices rose by Rs 348 to Rs 46,959 per 10 gram in the national capital on Monday on strong international prices, according to HDFC Securities. Silver prices also gained Rs 794 to Rs 49,245 per kg.

Globally, gold prices edged higher on Tuesday buoyed by a weaker dollar, but the metal traded in a narrow range as caution set in ahead of the U.S. Federal Reserve's two-day monetary policy meeting.

Spot gold was up 0.1 per cent at $1,695.48 per ounce by 0251 GMT. U.S. gold futures eased 0.2 per cent to $1,701 per ounce.

Investors' focus is now on the U.S. central bank's two-day monetary policy meeting, starting later in the day, for any forward guidance as the economy gradually starts showing signs of recovery.

Limiting gold's advance, market participants favoured riskier assets as confidence in an economic recovery pushed the Nasdaq benchmark to a record high. Asian stocks were also set to climb.

Among other precious metals, silver dropped 1.6 per cent to $17.57 an ounce, palladium fell 0.5 per cent to $2,013.41, while platinum edged 0.1 per cent higher to $833.35.