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Monday, March 1, 2021

Gold rate eases, stays below Rs 51,000

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NEW DELHI: Gold and silver saw profit booking by traders on Tuesday, in line with global cues, but losses were capped by worries over economic recovery.

Japan’s economy shrank more than initially estimated in the second quarter, while German industrial output rose far less than expected in July, suggesting Europe’s largest economy faces a slow return to pre-pandemic production levels.

Gold futures on MCX were down 0.42 per cent or Rs 216 at Rs 50,849 per 10 grams. Silver futures dipped 0.53 per cent or Rs 363 to Rs 67,908 per kg.

Gold prices on Monday rose Rs 258 to Rs 51,877 per 10 grams in the national capital supported by rupee depreciation, according to HDFC Securities. Silver also gained Rs 837 to Rs 69,448 per kg.

Globally, gold prices eased as the dollar strengthened, although rising doubts over the economic recovery from the COVID-19 slump limited losses, with investors awaiting the outcome of the European Central Bank meeting this week.

Spot gold was down 0.2 per cent at $1,925.68 per ounce by 0048 GMT. US gold futures were steady at $1,934.60. The dollar index rose 0.2 per cent against its rivals, making gold more expensive for holders of other currencies.

Silver fell 0.9 per cent to $26.75 per ounce, platinum eased 0.2 per cent to $906.17 and palladium gained 0.3 per cent to $2,302.74.

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