Gold and silver saw profit booking on Friday as traders exited bullion counters at high levels.
MCX Gold futures were down 0.06 per cent or Rs 31 at Rs 47,910 per 10 grams. Silver futures traded 0.07 per cent or Rs 36 lower at Rs 48,080 per kg.
However, Hareesh V, Head Commodity Research at
Geojit Financial Services said, “Gold’s safe-haven appeal will remain on the higher side as there is little hope of a quick global economic recovery amid rising virus cases across the world. Increased geopolitical instability and an underperforming dollar also lift the metal’s sentiments.”
Total number of
Covid-19 patients in India crossed 4.91 lakh while fatalities climbed to above 15300 levels.
Hareesh expects rallies to continue as long as
gold prices to stay above $1,710. in the international market. However, strong resistances are seen at $1,780 followed by $1,800 levels. The immediate downside reversal point is $1,664.
Globally, gold edged higher on Friday and was set for its third consecutive weekly gain, as
coronavirus cases around the world surged and jittery investors opted for safe-haven assets.
Spot gold was up 0.1% at $1,763.48 per ounce. US gold futures rose 0.2% to $1,773.60.
Coronavirus cases across the United States have soared in recent days, with Texas pausing its re-opening as COVID-19 infections and hospitalizations surged in the state.
Palladium gained 0.1% to $1,843.52 per ounce, while platinum eased 0.1% to $802.42 and silver fell 0.8% at $17.74.