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Gold prices fall on profit booking, near Rs 53,300 per 10 gram

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NEW DELHI: Gold and silver saw profit booking after a sharp rise in the previous sessions amid rising worries over the fast rising coronavirus crisis that is still creating disruptions in people’s lives.

India has reported 27.7 lakh COVID-19 cases by now with over 53,000 deaths. Meanwhile, investors are also looking forward to minutes of the last Federal Reserve’s meeting.

Gold futures on MCX were down 0.46 per cent or Rs 249 at Rs 53,322 per 10 grams. Silver futures dipped 1.05 per cent or Rs 730 to Rs 68,775 per kg.

“A weak US currency and expectations of more economic easing measures amid slow global growth continue to lift the safe haven demand of gold. However, an intermittent profit booking cannot be ruled out on signs of easing US – China trade tensions and optimism about coronavirus vaccine,” said Hareesh V, Geojit’s Head of Commodity Research at Geojit Financial Services.

Gold prices jumped Rs 1,182 to Rs 54,856 per 10 gram on Tuesday in the national capital following a rally in international prices of the yellow metal, according to HDFC Securities. Silver was also in heavy demand as it zoomed Rs 1,587 to Rs 72,547 per kg

Globally, gold fell below $2,000 an ounce after rising sharply in the previous session as the dollar steadied, while investors awaited minutes from the U.S. Federal Reserve’s last policy meeting.

Spot gold was down 0.4 per cent at $1,993.68 per ounce by 0253 GMT, after hitting a one-week high of $2,014.97 on Tuesday. U.S. gold futures fell 0.5 per cent to $2,002.50.

The dollar index steadied after hitting a more than two-year low in the last session. A stronger greenback makes gold expensive for holders of other currencies.

Meanwhile, strong corporate earnings and better-than-expected U.S. economic data lifted risk sentiment among investors.

Elsewhere, silver eased 0.3 per cent to $27.58 per ounce. Platinum dropped 0.5 per cent to $950.63, and palladium slipped 0.7 per cent to $2,173.62.

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