Gold rate gains amid rising coronavirus cases

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Gold and silver prices gained on Monday, bucking the trend in global bullion markets as India’s Covid patient tally increased rapidly.

Total number of coronavirus patients in India reached over 2.5 lakh while fatalities climbed to 7,000 levels. This is despite India having enacted strictest lockdown in the world.

Gold futures were up 0.39 per cent or Rs 177 at Rs 45,875 per 10 grams. Silver futures added 0.91 per cent or Rs 429 to Rs 47,780 per kg.

Globally, gold prices slipped on Monday as an unexpected improvement in U.S. employment numbers boosted optimism about economic recovery, boosting risk appetite and denting the appeal of the safe-haven metal.

Spot gold was down 0.2 per cent at $1,682.57 per ounce, as of 1241 GMT. U.S. gold futures were up 0.3 per cent at $1,688.10.

The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, data on Friday showed, indicating that the downturn triggered by the Covid-19 outbreak was probably over and boosted equity markets.

Speculators cut their bullish positions in COMEX gold, and increased them in silver contracts in the week to June 2, the U.S. Commodity Futures Trading Commission said on Friday.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings, dipped 0.4 per cent to 1,128.11 tonnes on Friday.

Palladium rose 0.4 per cent to $1,961.30 per ounce and silver was up 0.5 per cent to $17.45, while platinum declined 1.7 per cent to $821.78.

Source: ET Markets

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