Gold rate rises amid surge in Covid-19 cases

Gold rate rises amid surge in Covid-19 cases

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NEW DELHI: Gold gained while silver slipped in early trade on Friday amid surging Covid-19 patient count and receding geopolitical tensions between India and China.

Total number of Covid-19 patients in India reached over 3.8 lakh while fatalities climbed above 12,600 levels. Meanwhile, tensions eased in Ladakh as India and China held multiple rounds of talks.

Gold futures were up 0.03 per cent or Rs 13 at Rs 47,368 per 10 grams. Silver futures shed 0.15 per cent or Rs 73 to Rs 47,788 per kg.

Gold in the national capital gained Rs 280 to Rs 48,305 per 10 gram on Thursday reflecting rally in international prices of the yellow metal, according to HDFC Securities. Silver also rose by Rs 260 to Rs 49,452 per kg.

Globally, gold prices edged higher on Friday, with the metal’s safe-haven demand supported by concerns over a second wave of coronavirus infections, although gains were limited by a stronger U.S. dollar.

A surge in fresh infections in several U.S. states and the imposition of travel curbs in Beijing to stop a new outbreak have renewed fears of a delay in economic recovery as countries reopen after Covid-induced lockdowns.

Simmering geopolitical tensions between North Korea and South Korea, and India and China also offered some support to bullion, which is often used as a safe-haven investment during times of political and financial uncertainty.

Spot gold was up 0.1 per cent at $1,724.91 per ounce by 0253 GMT. Bullion has fallen 0.3 per cent so far this week. U.S. gold futures rose 0.2 per cent to $1,733.90.

Elsewhere, palladium dropped 1.9 per cent to $1,888.72 per ounce and was on track for a second consecutive weekly decline. Silver fell 0.7 per cent to $17.38, while platinum gained 0.1 per cent to $805.34

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