Gold and silver prices saw profit booking in early hours of trade on Monday even as coronavirus cases in India mounted and a second wave of cases across the world worried the governments.
Total number of Covid-19 patients in India reached over 3.3 lakh while fatalities climbed to about 9,500 levels. Reports suggested that the central government will not extend the lockdown any further.
Gold futures were down 0.36 per cent or Rs 170 at Rs 47,164 per 10 grams. Silver futures shed 0.88 per cent or Rs 366 to Rs 47,324 per kg.
Gold prices on Friday gained Rs 153 to Rs 48,144 per 10 gram in the national capital on positive global cues and rupee depreciation, according to HDFC Securities. Silver prices, however, declined Rs 665 to Rs 49,235 per kg.
Globally, gold prices rose on Monday as the US dollar weakened and fears of a second wave of the coronavirus in Beijing prompted investors to seek the safe-haven metal.
Spot gold was up 0.2 per cent at $1,733.45 per ounce, as of 0038 GMT. US gold futures rose 0.2 per cent to $1,740.90 per ounce. Last week, gold posted its biggest weekly percentage gain since April.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.1 per cent to 1,136.22 tonnes on Friday.
Hedge funds and money managers cut their bullish positions in COMEX gold and silver contracts in the week to June 9, the US Commodity Futures Trading Commission (CFTC) said on Friday.
On the physical side, gold demand in India was lacklustre last week even as shops reopened, while Bangladesh announced plans to withdraw import taxes.
Palladium was steady at $1,917.90 per ounce, while silver gained 0.4 per cent to $17.52 and platinum climbed 0.8 per cent to $812.20.
