Gold prices fall as traders book profits amid rise in equities
NEW DELHI: Gold and silver continued their slide as traders preferred to book profits on Thursday given the upward momentum in equities that is rising on optimism over a successful coronavirus vaccine trial.
Meanwhile, total coronavirus patient count in India topped 9.7 lakh, the third highest in the world, with over 24,900 deaths. Due to this many states have increased restrictions on businesses and movement, threatening economic recovery.
Gold futures were down 0.08 per cent or Rs 39 at Rs 49,120 per 10 grams. Silver futures dipped 0.13 per cent or Rs 68 to Rs 52,990 per kg.
Gold jumped Rs 244 to Rs 50,230 per 10 gram in the national capital on Wednesday following a rally in international price, according to HDFC Securities. Silver also witnessed buying as it rose by Rs 673 to Rs 54,200 per kg
Globally, gold held steady above the psychological level of $1,800/ounce as concerns about rising coronavirus cases and lingering Sino-U.S. tensions countered optimism over promising early data for a potential coronavirus vaccine.
Spot gold was little changed at $1,810.33 per ounce by 0045 GMT. US gold futures were mostly unchanged at $1,814.20.
Market participants now await China's second-quarter GDP data due later in the day, along with June factory output, retail sales and fixed-asset investment.
A Reuters poll showed analysts expect China to report 2.5 per cent economic growth, reversing a 6.8 per cent first-quarter decline driven by the pandemic.
Palladium rose 0.4 per cent to $1,989.24 per ounce, while platinum lost 0.6 per cent to $827.41 and silver fell 0.1 per cent to $19.36.