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Gold price trades flat, silver rates near Rs 70,000

A continuous rise in number of cases of coronavirus  supported price of the precious metal

twitter-logoBusinessToday.In | September 10, 2020 | Updated 18:26 IST
Gold price trades flat, silver rates near Rs 70,000
Gold futures rose 0.32 or Rs 166 to Rs 51,568 per 10 grams. Similarly, silver futures on MCX gained Rs 593 or 0.87% to Rs 69,036 per kg.

Gold price was trading flat today amid mixed global markets as dollar weakened ahead of European Central Bank's monetary policy decision. A continuous rise in number of cases of coronavirus  supported price of the precious metal. However on MCX, gold futures rose 0.32 or Rs 166 to Rs 51,568 per 10 grams. Similarly, silver futures on MCX gained Rs 593 or 0.87% to Rs 69,036 per kg.

Gold prices are still down about  Rs 5,000 per kg from record highs of about  Rs 56,200, hit last month. Similarly, silver prices are now down more than Rs 10,000 per kg in a month.

In spot market , gold price rose by Rs 287 to Rs 52,391 per 10 gram in the national capital on Thursday, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 52,104 per 10 gram.

Silver prices also gained Rs 875 to Rs 69,950 per kilogram from its previous close of Rs 69,075 per kilogram.

Sensex ends 646 points higher, Nifty at 11,450 as RIL hits record high

In the international market, gold was quoting marginally lower at $1,944 per ounce, while silver was trading flat at USD 26.95 per ounce.

"Gold prices kept range-bound trading on mixed global cues as market is awaiting comments from European Central Bank (ECB) over monetary policy," HDFC Securities Senior Analyst (Commodities) Tapan Patel told PTI.

Reliance Securities Senior Research Analyst Sriram Iyer said, "Domestic prices were flat to marginally higher this Thursday afternoon in lackluster trade as most investors awaited the ECB meeting today evening."

With PTI inputs

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