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Gold rate gains on worries over economic recovery

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NEW DELHI: Gold and silver edged higher in Wednesday’s early trade amid fears that the fast rising Covid-19 cases could disrupt economic recovery but gains were capped by easing tensions between the US and China that enhanced trade optimism.

Top US and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday.

Gold futures on MCX were up 0.33 per cent or Rs 166 at Rs 51,090 per 10 grams. Silver futures gained 0.15 per cent or Rs 93 to Rs 64,100 per kg.

Gold prices declined by Rs 557 to Rs 52,350 per 10 gram in the national capital on Tuesday, according to HDFC Securities. Silver prices also tumbled Rs 1,606 to Rs 66,736 per kg

Globally, gold prices were mostly unchanged. Spot gold was flat at $1,927.26 per ounce by 0037 GMT. US gold futures rose 0.5 per cent to $1,933.60.

Gold is used as a safe investment during times of political and financial uncertainty.

Market participants now await a speech by the US Federal Reserve Chairman Jerome Powell on Thursday, when he is expected to address the US central bank’s view on inflation and monetary policy.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3 per cent to 1,248.87 tonnes on Tuesday from 1,252.38 tonnes on Monday.

Silver was steady at $26.43 per ounce, platinum rose 0.1 per cent to $928.12, and palladium fell 0.6 per cent to $2,151.50.

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