Gold prices in India fell today, tracking a decline in global rates. On MCX, June gold futures fell 0.23% to ₹46,056 per 10 gram after jumping about ₹800 in the previous session. Silver futures on MCX edged 0.24% higher to ₹43,228 per kg, extending 3% or ₹1,250 gains of the previous session. Spot gold markets in India mostly remained shut due to countrywide lockdown to prevent spreading of COVID-19.
In global markets, gold prices slipped today as an improvement in global risk appetite drove equities higher. Spot gold slipped 0.2% to $1,714 after surging 2% in the previous session as uncertainties over global economic recovery and renewed US-China tensions over the origin of coronavirus boosted the safe haven appeal of the precious metal. Gold is up about 1% this week.
Among other precious metals, platinum today gained 0.3% to $765.51, while silver fell 1.5% to $15.27. Gold traders are awaiting US non-farm payrolls, due later in the day. Economists expect the worst US unemployment rate in more than 70 years.
But upbeat corporate drove Wall Street higher overnight and Asian equities are also higher too today.
"Gold likely to be steady as weak global economic releases and fears of economic recession continue to support the safe haven appeal of the commodity. Meanwhile, investors may take a cautious stance ahead of the key U.S non-farm payrolls and unemployment data scheduled later today," Hareesh V, Head Commodity Research at Geojit Financial Services.
Bloomberg, citing sources, had earlier reported that US-China trade negotiators will hold a phone call as early as next week about progress in implementing the Phase 1 trade deal.
"More and more US states and countries are lifting virus-related restrictions despite risk of surge in fresh cases. Also weighing on gold price is firmness in US dollar index. Also weighing on price is weaker consumer demand as is evident from sharp drop in Indian imports," Kotak Securities said in a note.
"However, supporting price is global growth worries amid disappointing economic data and bleak forecasts. Also supporting price are renewed US-China tensions. Also supporting price is loose monetary policy stance of major central banks," it added. (With Agency Inputs)