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Gold prices hold steady, near Rs 51,500 per 10 gram

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NEW DELHI: Gold and silver prices were trading on a flat note in Thursday’s session ahead of European Central Bank (ECB) policy meet outcome later in the day while non-stop rise in COVID-19 cases supported the prices.

The ECB is set to announce its rate decision at 1145 GMT on Thursday. Investors will watch out for its inflation forecasts, although no major policy moves are expected since it has acted aggressively to shore up the virus-hit economy.

Gold futures on MCX were up 0.01 per cent or Rs 6 at Rs 51,408 per 10 grams. Silver futures added 0.36 per cent or Rs 248 to Rs 68,691 per kg.

Gold prices rose by Rs 251 to Rs 52,149 per 10 gram in the national capital on Wednesday, according to HDFC Securities. Silver prices also jumped Rs 261 to Rs 69,211 per kilogram.

Globally, gold prices held steady near a one-week high on Thursday as the U.S. dollar weakened ahead of a policy decision by the European Central Bank due later in the day.

Spot gold was little changed at $1,946.10 per ounce by 0030 GMT, after hitting its best level since Sept. 3 at $1,950.51 on Wednesday. US gold futures were flat at $1,954.50.

The dollar index fell from a four-week high against its rivals, making gold less expensive for holders of other currencies.

Meanwhile, SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2 per cent to 1,252.96 tonnes on Wednesday from 1,250.04 tonnes on Tuesday.

Silver fell 0.4 per cent to $26.92 per ounce, platinum rose 0.3 per cent to $918.26 and palladium gained 0.9 per cent to $2,292.28.

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