Gold Holds Better Prospects for Post COVID-19 Future

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Gold prices rose marginally by Rs 8 to Rs 45,759 per 10 gram in futures trade amid firm global cues. On the Multi Commodity Exchange (MCX), gold contracts for June surged 0.02 per cent higher by Rs 8 at Rs 45,759 per 10 gram.

Similarly, the precious yellow metal for August delivery edged up by 0.07 per cent or Rs 31 to Rs 45,955 per 10 gram.

Fresh positions built up by participants on firm global cues mainly led to rise in gold prices, analysts told India’s leading newswire.

In the international markets, gold prices eased 0.1 per cent to USD 1,704.69 per ounce, while US futures gained 0.1 per cent to USD 1,712.10.

There is “optimism about the outlook for economies as we start to move away from lockdown,” said Michael McCarthy, chief strategist at CMC Markets as quoted by Reuters.

“There is fear about another wave of trade war between U.S. and China. So, investment demand is rising – ETF holdings are rising,” Jigar Trivedi, commodities analyst at Anand Rathi Shares and Stock Brokers in Mumbai told Reuters.

Silver prices, on the other hand gained 0.91 per cent to Rs 42,279 per kg in futures trade on firm spot demand. On the MCX, silver contracts for July delivery gained 0.91 per cent or Rs 383 to Rs 42,279 per kg.

Similarly, the white metal for September delivery was trading 1.18 per cent higher by Rs 500 at Rs 42,734 per kg.

In the international market, silver rose was quoting 0.5 per cent higher at USD 15.10 per ounce.

Elsewhere, Platinum gained 0.7 per cent to USD 769.60, while Palladium rose 1.3 per cent to USD 1,823.67, after touched a more-than one-month low on Tuesday.

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