Gold and silver prices in India were trading lower on Friday in line with global commodity markets amid rising coronavirus cases and ongoing tensions between US and China.
Gold futures on MCX were trading Rs 13 lower at Rs 48,760 per 10 gm today against the previous close of Rs 48,773 per 10 gm, after hitting a lifetime high of 49,348 in the previous week. Gold August Futures today touched an intraday high of 48,846 and a low of 48,756 today, after opening at 49,104 per 10 gm.
Silver futures too fell Rs 380 to trade at 52,230 per kg today. Precious prices in the commodity market have been scaling fresh highs as traders sought a safe haven during coronavirus crisis.
Concerns over the economic impact of rising coronavirus infections in many countries, especially in the two largest economies-US and China have driven investment inflows into safe-haven assets like gold. Weakness in the dollar index, that fell 0.09% to 96.25, as against a basket of six currencies, also helped the yellow metal cap losses.
Yellow metal was trading flat at 1,798 on Friday in overseas markets. Spot gold earlier hit an eight-year high at $1,800 per ounce hit last Tuesday.
Gold prices have been trading near record high amid rising coronavirus cases and ongoing tensions between the US and China. Hopes of more government spending around the globe through major central banks has caused surge in demand for precious metals in recent times. Worldwide, the number of COVID-19 cases linked to the disease has crossed 1.39 crore. In India, the number of infections spiked over 10 lakh.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today