Gold prices dip as traders book profits

Bullion counters slipped on Thursday as traders resorted to book profits at high levels even as coronavirus cases in India continued to rise and an extension in lockdown raised recession fears.

With businesses shut in several cities in India amid rising threat of coronavirus, the economic situation remains precarious. The number of reported Covid cases were at 12,380, as per the government data.

Gold futures were down 0.23 per cent or Rs 108 to Rs 46,602 per 10 grams. Silver futures fell 0.87 per cent or Rs 381 to Rs 43,650 per kg.




Spot gold markets remained shut due to the lockdown to prevent spread of COVID-19, according to HDFC Securities.

Globally, gold prices inched higher on Thursday as fears of a deep global recession due to the novel coronavirus outbreak were heightened by bleak U.S. economic data, while a stronger dollar limited the metal's gains.

Spot gold gained 0.1 per cent to $1,717.20 per ounce by 0036 GMT. U.S. gold futures were up 0.3 per cent at $1,745.70.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.4 per cent to 1,021.69 tonnes on Wednesday.

Palladium gained 0.3 per cent to $2,185.93 an ounce, while silver slipped 0.6 per cent to $15.38 and platinum fell 1.1 per cent to $770.80.