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Gold prices today gain on rising Covid-19 cases

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NEW DELHI: Gold and silver prices edged higher in early trade on Tuesday amid fast rising coronavirus cases but gains were capped on weak global cues and rising risk sentiments in the equity markets.

Investors now await US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Thursday for clarity on the direction of US monetary policy.

Gold futures on MCX were down 0.29 per cent or Rs 151 at Rs 51,865 per 10 grams. Silver futures dipped 1.05 per cent or Rs 701 to Rs 66,366 per kg.

“Optimism surrounding Covid vaccine continues to lift the demand of riskier assets which is weighing the demand of safe assets like gold. A strong US dollar also puts downside pressure on prices. Meanwhile, investors may take a cautious note ahead of the key US central bank speech scheduled on Thursday,” Hareesh V, Geojit’s Head of Commodity research.

Gold prices witnessed volatile trading on Monday and dipped marginally by Rs 44 to Rs 53,040 per 10 gram in the national capital, according to HDFC Securities. Silver also declined by Rs 206 to Rs 68,202 per kg.

Globally, gold rate edged lower weighed down by a stronger U.S. dollar and as hopes for COVID-19 treatments lifted risk sentiment.

Spot gold was down 0.2 per cent to $1,929.25 per ounce by 0036 GMT. U.S. gold futures eased 0.2 per cent to $1,934.10.

The Fed has rolled out a wave of fiscal and monetary stimulus measures and cut interest rates to near zero to mitigate the economic damage caused by the pandemic, helping gold rise 28 per cent so far this year.

Silver gained 0.3 per cent to $26.62 per ounce, platinum rose 0.8 per cent to $923.10, and palladium climbed 1 per cent to $2,182.59.

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