Gold price today gain as poor macro data hit risk sentiments

NEW DELHI: Gold and silver prices rose on Thursday as poor macro data underscored the extent of damage coronavirus has done. A fast rise in coronavirus cases in India also increased worries of investors, forcing them to safe havens.

Businesses and citizens in less affected areas in India are enjoying relatively more freedom in movement. Meanwhile, the total number of Covid cases rose sharply to 52,952 with 1,783 deaths.

Gold futures were up 0.27 per cent or Rs 123 at Rs 45,494 per 10 grams. Silver futures gained 0.20 per cent or Rs 85 to Rs 41,930 per kg.

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

Globally, gold rose after a 1 per cent drop in the previous session as grim US economic data underscored the impact of the coronavirus outbreak, while investors awaited the weekly jobless claims report from the world’s largest economy.

Spot gold gained 0.4 per cent to $1,691.98 per ounce by 0043 GMT. U.S. gold futures rose 0.4 per cent $1,695.60.

Orders for German industrial goods fell in March at their steepest rate since records began in 1991 as demand collapsed due to the outbreak.

Palladium rose 0.5 per cent to $1,805.99 an ounce, platinum gained 0.7 per cent to $753.76 and silver was up 0.3 per cent at $14.97.