New Delhi | Jagran Business Desk: Gold prices climbed 1 per cent on Thursday on safe-haven buying ahead of a long weekend and crucial meeting between Oil and Petroleum Exporting Countries (OPEC)amid generally more positive market driven by hopes the COVID-19 pandemic is close to peaking.

The spot gold was up 0.9 per cent at USD 1,660.38 per ounce, having hit a four-week high of USD 1,671.4 on Tuesday. It has surged by more than 2.6 per cent during this week. Meanwhile, US gold futures rose 1.3 per cent to USD 1,706.5.

Gold has, on occasion, risen in tandem with equity markets recently, with wider market selloffs also seeping into precious metals as investors covered losses elsewhere.

"Safe-haven demand has been increasing, we're seeing a lot of inflows into exchange traded funds," said UBS analyst Giovanni Staunovo.

Oil prices rose on Thursday on expectations that OPEC and its allies will agree to cut output to shore up prices that have tumbled due to a coronavirus-led demand collapse. More than 1.47 million people have been reported infected by the new coronavirus globally and 87,760 have died.

Elsewhere, Silver rose 0.2 per cent to USD 15.08.

Meanwhile, spot gold markets in India remained shut on Thursday due to the lockdown to prevent the spread of COVID-19, while the precious metal traded higher in the international market, according to HDFC Securities.

On the MCX exchange, Gold futures for June 5 surged 0.8 per cent or Rs 361 at Rs 45,302 per 10 grams. Additionally, on August 5, gold futures on MCX closed at Rs 45,500 per 10 grams, up 0.82 per cent or Rs 372.

Along with gold, silver prices in the futures market also closed higher on Thursday. On Thursday, silver futures on MCX closed at 0.54 per cent or Rs 232 higher at Rs 43,371 per kg. Apart from this, the silver futures on July 3, 2020 rose 0.63 per cent or Rs 273 to close at Rs 43620 per kg.

At the same time, Brent crude futures, the global benchmark of oil, on 20 April 2020 closed at Rs 1958 per barrel with a rise of 3.38 per cent or 64 rupees.

 

(with Reuters inputs)

Posted By: James Kuanal