Gold prices today ease but still above Rs 46,000

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Bullion counters were mixed on Friday as fast rising Covid-19 patient count, especially in hotspots like Mumbai, increased worries but reopening of economies kept the mood upbeat.

Businesses and citizens in less affected areas in India are enjoying relatively more freedom in movement. Meanwhile, the total number of coronavirus cases rose sharply to 56,342 with 1,886 deaths.

Gold futures were down 0.16 per cent or Rs 76 at Rs 46,085 per 10 grams. Silver futures gained 0.36 per cent or Rs 157 to Rs 43,280 per kg.

Spot gold markets remained shut due to the lockdown to prevent spread of the novel coronavirus, according to HDFC Securities.

Globally, gold eased on Friday as appetite for riskier assets improved after a string of strong corporate earnings, while investors awaited the U.S. jobs report for April to gauge the economic impact of coronavirus-induced restrictions.

Spot gold slipped 0.2 per cent to $1,713.97 an ounce by 0052 GMT. U.S. gold futures were steady at $1,725.70.

The metal gained about 2 per cent on Thursday on the back of bleak U.S. economic data, which along with uncertainties over global economic recovery and the US-China relations, lifted bullion higher by about 0.9 per cent so far this week.

Palladium rose 1 per cent to $1,873.91 per ounce, platinum gained 0.3 per cent to $765.51, while silver fell 1.5 per cent to $15.27.

Source: ET Markets

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