Gold futures drop on weak global cues, Silver surges 0.57 per cent; check prices here
New Delhi | Agencies: Gold futures on Monday fell 0.05 per cent to Rs 45,789 per 10 gram as investors offloaded the safe haven following a weak overseas trend. On the Multi Commodity Exchange, gold prices for June delivery fell 0.05 per cent or Rs 23 to Rs 45,789 per 10 gram.
The precious yellow metal for August delivery declined 0.11 per cent or Rs 49 to Rs 45,008 per 10 gram.
In the global markets, spot gold gained 0.3 per cent to USD 1,705.73 per ounce, while US gold futures eased 0.3 per cent to USD 1,708.
"People have bought the dip. Even in the best of circumstances, we are still in an environment where (interest) rates are going to remain very low, fiscal policies are going to remain very accommodative and inflation is going to be high," said IG Markets analyst Kyle Rodda as quoted by Reuters.
"Gold requires a new fundamental trigger. Unless we get a new trigger, like the U.S.-China trade war, we can expect a fall towards USD 1,680," Ajay Kedia, director at Kedia Commodities in Mumbai told Reuters.
Meanwhile, spot gold markets remained shut on Monday due to lockdown in the country, according to HDFC Securities.
Silver prices, on the other hand, rose 0.57 per cent to Rs 43,539 per kg in futures trade following a firm spot demand. On the MCX, silver contracts for July delivery gained 0.57 per cent or Rs 246 to Rs 43,539 per kg.
Similarly, the white metal for September delivery was trading 0.42 per cent or Rs 184 higher at Rs 43,998 per kg.
In the international market, silver was quoting 0.4 per cent higher at USD 15.51 per ounce in New York.
Among other metals, palladium rose 2 per cent to USD 1,919.96 an ounce, while platinum gained 0.6 per cent to USD 769.93.
(with Reuters, PTI inputs)
Posted By: James Kuanal