COMMODITIES

Gold prices fall today after gaining Rs 1,000 in last two sessions on hopes of economic revival

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Gold and silver prices edged lower on Tuesday as near-normalcy in most parts of India raised hopes of economic revival which increased risk appetite among investors. On MCX, gold June futures were trading Rs 285 or 0.62 per cent down at Rs 45,522 per 10 grams. While silver July futures were ruling Rs 127 or 0.31 per cent lower at Rs 41,117 per kg. In the last two sessions, yellow metal gained Rs 1,000 per 10 grams. “Expectation of revival of economies after the lockdown and selling of gold by the central bank created pressure on the yellow metal,” Anuj Gupta, Deputy VP- Commodities & Currencies Research, Angel Broking Ltd told Financial Express Online. “For today, we are expecting gold may trade lower. Traders can go for sell in gold at 45800 with the stop loss of 46100, for the target of 45000. In the international market gold may test $1680 levels soon,” Anuj Gupta added.

Globally, spot gold eased 0.2 per cent to $1,698.39 per ounce US gold futures fell 0.5 per cent to $1,704.80. Among other metals, palladium rose 0.6 per cent to $1,859.47 per ounce. Platinum eased 0.2 per cent to $764.56 per ounce, while silver slipped 0.4 per cent to $14.79. “Gold prices slipped as risk sentiment was lifted by easing coronavirus restrictions, although tensions between the U.S. and China over the outbreak is beginning to develop once again keeping the safe-haven metal near the key $1,700 per ounce level,” Navneet Damani, VP, Motilal Oswal said. Italy and the US are amongst those few countries who have decided to ease down coronavirus lockdowns in order to revive economies as global deaths surpassed a quarter of a million.

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SPDR holdings rose 0.4 per cent to 1,071.71 tonnes on Monday from 1,067.90 tonnes on Friday. “Broader trends on COMEX could be in the range of $1680-1725 and on domestic front prices could hover in the range of Rs 45,170-46,000,” Damani added.

On the domestic equity front, BSE Sensex and Nifty 50 were trading with gains on Tuesday. Sensex was trading at 32,003.66, up 288.31 points or 0.91 per cent. Similarly, Nifty was trading at 9,394.30, up 100.80 points or 1.08 per cent.

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