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Gold prices today slip Rs 450 to Rs 50,120 in early trade

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NEW DELHI: Gold and silver prices drifted lower on Monday as the markets opened after an extended weekend. Investors shrugged off the uncertainty over US President Donald Trump’s health and reduced their positions in futures trading.

Doctors treating Trump for COVID-19 sent conflicting signals about the severity of his condition on Sunday, hours before the president surprised supporters gathered outside the hospital with an impromptu motorcade.

Gold futures on MCX were down 0.89 per cent or Rs 450 at Rs 50,120 per 10 grams. Silver futures dropped 0.95 per cent or Rs 580 to Rs 60,565 per kg.

In the spot market, gold prices rose marginally by Rs 37 to Rs 51,389 per 10 gram in the national capital on Thursday in line with a positive global trend, according to HDFC Securities. Silver prices, however, declined Rs 915 to Rs 61,423 per kilogram.

Globally, gold prices were steady around the $1,900 level on Monday, amid political uncertainty stoked by US President Donald Trump’s health after he tested positive for COVID-19 last week.

Spot gold was up 0.1 per cent to $1,900.28 per ounce by 0048 GMT. US gold futures were down 0.1 per cent at $1,906.30.

US employment growth slowed more than expected in September and over 300,000 Americans lost their jobs permanently, underscoring the need for additional fiscal stimulus to aid the economy’s recovery.

Speculators reduced their bullish positions in COMEX gold and increased them in silver contracts in the week to Sept. 29, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.05 per cent to 1,275.60 tonnes on Friday. Silver rose 0.8 per cent to $23.89 per ounce, platinum eased 0.1 per cent to $881.51 and palladium was little changed at $2,307.64.

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