Gold prices flat as traders remain cautious

Gold prices flat as traders remain cautious

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NEW DELHI: Gold and silver traded flat on Monday as traders were watchful amid rising tensions between US and China while a large part of India started to return to near-normalcy.

Businesses and citizens in less affected areas will have more freedom in movement. Meanwhile, the total number of Covid cases rose sharply to 42,533 with 1,373 deaths.

Gold futures were unchanged at Rs 45,529 per 10 grams. Silver futures gained 0.08 per cent or Rs 35 to Rs 41,632 per kg.

Spot gold markets remained shut due to the lockdown to prevent spread of Covid-19, according to HDFC Securities.

Globally, gold inched lower as the US dollar gained, but prices were trading above last session’s near two-week low as risk sentiment was weakened by rising US-China tensions over the coronavirus

Spot gold eased 0.1 per cent to $1,697.43 per ounce by 0256 GMT, having touched its lowest since April 21 at $1,668.53 on Friday. U.S. gold futures gained 0.3 per cent to $1,705.90 per ounce.

Australia’s Perth Mint said its gold sales shot up in April to their highest level in at least eight years as concerns of a shortage prompted investors to stock up to seek cover from the economic blow from the coronavirus.

Hedge funds and money managers increased their bullish positions in COMEX gold and silver contracts in the week to April 28, the U.S. Commodity Futures Trading Commission (CFTC) said.

Palladium gained 0.7 per cent to $1,912.52 per ounce. Platinum slipped 0.4 per cent to $757.27, while silver eased 0.6 per cent to $14.85.

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