Gold prices today flat amid mixed cues; silver rises

NEW DELHI: Silver gained while gold was trading close to the flatline as cautious traders waited for clear signals before taking a bet as equities are racing ahead on hopes of swift recovery in economic conditions but rising Covid cases are still a worry.

India has reported 7.9 lakh cases of Covid-19 till now, the third highest in the world, with over 21,600 deaths. The US reported more than 60,000 fresh cases on Wednesday, the largest one-day increase by any country since the pandemic emerged in China last year.

Gold futures were down 0.01 per cent or Rs 3 at Rs 48,875 per 10 grams. Silver futures gained 0.25 per cent or Rs 126 to Rs 51,217 per kg.

Gold prices rose by Rs 232 to Rs 50,184 per 10 gram in the national capital on Thursday, in line with gains in international price of the precious metal, according to HDFC Securities. Silver also gained Rs 1,275 to Rs 52,930 per kg.



Globally, gold was set for a fifth straight weekly gain on Friday as worries over a spike in U.S. coronavirus cases kept the safe-haven metal near the technical $1,800-per-ounce threshold.

Spot gold was little changed at $1,801.47 per ounce by 0249 GMT, up nearly 1.5 per cent for the week. U.S. gold futures rose 0.2 per cent to $1,806.80.

Surging Covid-19 cases also boosted the dollar, making gold more expensive for holders of other currencies.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings slipped 0.15 per cent to 1,200.82 tonnes on Thursday.

Palladium fell 0.2 per cent to $1,938.30 per ounce, platinum declined 1 per cent to $825.09, and silver slipped 0.4 per cent to $18.60.