Coronavirus: Gold rate slips

Gold and silver saw profit booking in the morning session on Monday as equities across the world continued their climb on hopes of swift economic recovery.

Asian shares held near four-month highs as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery even as surging coronavirus cases remained a worry. Gold futures were down 0.36 per cent or Rs 174 at Rs 47,872 per 10 grams. Silver futures dipped 0.35 per cent or Rs 172 to Rs 49,005 per kg.

Gold prices in the national capital jumped Rs 237 to Rs 49,022 per 10 gram on Friday, according to HDFC Securities. However, silver declined by Rs 740 to Rs 49,060 per kg. Globally, gold prices edged higher as worries over a surge in coronavirus infections in the United States dented optimism about signs of a nascent economic recovery, prompting investors to seek the safe-haven metal.

Spot gold was up 0.1 per cent to $1,775.97 per ounce by 0031 GMT. U.S. gold futures eased 0.2 per cent to $1,787.30. Gold has also been benefiting from lower interest rates around the world and widespread stimulus measure from major central banks as it is widely viewed as a hedge against inflation and currency debasement.

Palladium fell 0.3 per cent to $1,916.98 per ounce, while platinum rose 0.8 per cent to $806.30. Silver eased 0.1 per cent to $18.02.