Gold prices today slip to Rs 47,300 on profit booking

NEW DELHI: Gold and silver saw another bout of profit booking in the early hours of trade on Thursday even as Covid-19 cases and deaths in India mounted, worrying investors.

Total number of Covid-19 patients in India reached over 3.66 lakh while fatalities climbed above 12,000 levels. However, car bookings spiked indicating a pick up in demand.

Gold futures were down 0.08 per cent or Rs 38 at Rs 47,300 per 10 grams. Silver futures shed 0.45 per cent or Rs 220 to Rs 48,216 per kg.

Gold prices rose marginally by Rs 18 to Rs 48,220 per 10 gram in the national capital on Wednesday, according to HDFC Securities. Silver prices also gained Rs 380 to Rs 49,250 per kg.

Globally, gold prices were steady on Thursday, with the metal caught between a strengthening US dollar and a pullback in global equities, as worries over new coronavirus cases delaying economic recovery weighed on markets.

Spot gold was flat at $1,725.90 per ounce by 0256 GMT. US gold futures were nearly unchanged at $1,734.70.

Bank of England is expected to announce an increase of at least 100 billion pounds ($125 billion) in its bond-buying programme at its policy meeting due 1100 GMT.

Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement.

Elsewhere, palladium gained 0.7 per cent to $1,934.36 per ounce, while platinum dropped 0.9 per cent to $811.50 and silver slipped 0.8 per cent to $17.43.