New Delhi | Agencies: Gold futures on Thursday fell 0.75 per cent to Rs 46,776 per 10 gram as participants offloaded the safe-haven following a weak trend overseas. On the Multi Commodity Exchange, gold prices for the June delivery fell 0.75 per cent or Rs 355 to Rs 46,776 per 10 gram.

The precious yellow metal for the August delivery also declined by 0.85 per cent or Rs 403 to Rs 46,937 per 10 gram.

In global markets, Gold eased 1 per cent USD 1,732.43 per ounce, while US gold futures shed 1.1 per cent to USD 1,733.60 per ounce.

Earlier this week, gold prices climbed to their highest since October 2012 at USD 1,764.55. It was mainly driven by fiscal stimulus, US-China tension, and fiscal stimulus.

"Gold seems to have lost a little momentum since breaking above USD 1,750 and the rise in the dollar today doesn't seem to be helping," OANDA analyst Craig Erlam told Reuters.

"However, the enormous amount of monetary stimulus in the system, the need for that to continue for some time and the inflation risk are all bullish for gold in the longer term," he added.

Meanwhile, spot gold markets remained shut on Thursday for trading due to the countrywide lockdown to prevent spreading of coronavirus

Silver futures, on the other hand, declined Rs 753 to Rs 48,305 per kg as participants cut down on their bets on low demand. On the MCX, silver contracts for the July delivery tumbled 1.53 per cent or Rs 753 to Rs 48,305 per kg.

Meanwhile, in the international market, silver prices traded 1.7 per cent lower at USD 17.21 an ounce in New York.

Elsewhere, palladium plunged 3.3 per cent to USD 2,032 an ounce, after hitting a one-month high on Wednesday. Platinum fell 1.7 per cent to USD 836.03.

(with PTI, Reuters inputs)

Posted By: James Kuanal