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Thursday, June 24, 2021

Gold prices today rise to Rs 50,800 on strong global cues

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NEW DELHI: Gold and silver prices gained on Monday after the US said its jobless claims did not go down as was expected. Meanwhile, India continues to report the highest number of daily cases in the world lifting bullion’s appeal.

US employment growth slowed further in August and permanent job losses increased as money from the government started running out, raising doubts on the sustainability of the economy’s recovery from the deep COVID-19 recession.

Gold futures on MCX were up 0.24 per cent or Rs 122 at Rs 50,800 per 10 grams. Silver futures added 1.31 per cent or Rs 881 to Rs 68,147 per kg.

Gold prices were marginally down by Rs 56 to Rs 51,770 per 10 grams on Friday in the national capital amid rupee appreciation, according to HDFC Securities. Silver also declined Rs 738 to Rs 68,371 per kg.

Globally, gold prices edged higher as the dollar slipped, with weak economic data out of the United States at the end of last week raising fears over the global economic recovery from the COVID-19 slump.

Spot gold was up 0.2 per cent at $1,935.53 per ounce by 0045 GMT, after falling to a one-week low of $1,916.24 on Friday. US gold futures rose 0.4 per cent to $1,941.10.

U.S. Treasury Secretary Steven Mnuchin said on Sunday a deal between the White House and Congress would fund the federal government through the beginning of December and that details of the spending bill should be finalised by week’s end.

Speculators raised their bullish positions in COMEX gold and silver contracts in the week to Sept. 1, the US Commodity Futures Trading Commission said on Friday.

Retail demand for physical gold picked up slightly in India last week on a dip in domestic prices and a festival, but top bullion hubs across Asia saw muted activity.

Silver eased 0.2 per cent to $26.84 per ounce, platinum rose 0.6 per cent to $900.01 and palladium was steady at $2,296.54

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