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Gold rate slips on profit booking, trade above Rs 51,000

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NEW DELHI: Gold and silver prices fell further in Wednesday’s session in another bout of profit booking even as equities tumbled across the world and tensions between US and China rose.

US Customs and Border Protection officials have prepared orders to block imports of cotton and tomato products from western China’s Xinjiang region over allegations they are produced with forced labour.

Gold futures on MCX were down 0.38 per cent or Rs 193 at Rs 51,160 per 10 grams. Silver futures dipped 0.77 per cent or Rs 524 to Rs 67,970 per kg.

“MCX gold opened with a negative undertone as focus has turned to central bank policies. European central bank will hold monetary policy meet tomorrow and US Fed is scheduled next week. Strong rupee has also pulled the prices lower on the MCX. No major economic data will come out today but focus would be on Brexit terms and US-China trade relations. Gold may stay under pressure in intraday today,” Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers said.

Gold prices rose Rs 122 to Rs 51,989 per 10 grams in the national capital on Tuesday supported by rupee depreciation, according to HDFC Securities. Silver also gained Rs 340 to Rs 69,665 per kg.

Globally, gold prices were steady as the metal was caught between a strengthening US dollar and a pullback in global equities, with investors awaiting monetary policy strategies from central banks.

Spot gold was little changed at $1,929.30 per ounce by 0038 GMT, after falling to a near two-week week low of $1,906.24 on Tuesday. US gold futures eased 0.3 per cent to $1,936.80.

The dollar jumped to a near one-month high, as the pound dropped to a six-week low on renewed worries about Brexit and as risk appetite waned. A stronger greenback makes gold more expensive for holders of other currencies.

Market participants are now waiting for the European Central Bank policy meeting due on Thursday, while the U.S. Federal Reserve’s next meeting is scheduled for next week.

Silver fell 0.2 per cent to $26.66 per ounce, platinum was steady at $901.29 and palladium rose 0.2 per cent to $2,279.67.

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