Gold prices today slip but still above Rs 47,000 per 10 grams

NEW DELHI: Gold slipped on Monday as traders overlooked riots in the US, tensions over Hong Kong and fast rising Covid cases in India to book profits. Meanwhile, silver prices continued on its upward journey.

India’s reported cases are approaching 2 lakh mark while about 5200 people have died from the disease. Meanwhile, in the US, closely packed crowds and demonstrators not wearing masks sparked fears of a resurgence of COVID-19, which has killed more than 101,000 Americans.

Gold futures were down 0.21 per cent or Rs 97 at Rs 47,007 per 10 grams. Silver futures added 0.58 per cent or Rs 291 to Rs 50,409 per kg.




Spot gold markets remained shut due to lockdown in the country to check the spread of coronavirus, according to HDFC Securities.

Globally, gold prices climbed as reports of riots in the United States rattled investors already reeling from the deepening Sino-U.S. rift, fanning concerns of a fresh economic setback and drove traders towards the safe-haven metal.

Spot gold was up 0.6 per cent at $1,736.31 per ounce, as of 1243 GMT. U.S. gold futures were flat at $1,751.30.

Speculators cut their bullish positions in COMEX gold, and increased them in silver contracts in the week to May 26, the U.S. Commodity Futures Trading Commission said on Friday.

Reflecting investor sentiment, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings, rose 0.3 per cent to 1,123.14 tonnes on Friday.

Palladium inched up 0.1 per cent to $1,947.01 per ounce, and silver rose 1.1 per cent to $18.04, while platinum declined 0.7 per cent to $830.81.