Gold rate today gains marginally on US jobs data

NEW DELHI: Gold and silver futures gained in the morning trade on Thursday as increasing jobless claims in the US showed the world is far from being out of the crisis.

The number of Americans filing first-time claims for jobless benefits increased to a seasonally adjusted 778,000 last week amid surging coronavirus cases and business restrictions, US Labor Department data showed on Wednesday.

Gold futures on MCX were up 0.17 per cent or Rs 84 at Rs 48,597 per 10 grams. Silver futures added 0.43 per cent or Rs 255 to Rs 60,098 per kg.



In the spot market, gold prices rose by Rs 45 to Rs 48,273 per 10 gram in the national capital on Wednesday following a recovery in the precious metal in the global markets, according to HDFC Securities. Silver also gained Rs 407 to trade at Rs 59,380 per kg.

Globally, gold prices ticked up on Thursday as disappointing US jobs data and a resurgence of COVID-19 cases worldwide cast doubts over a swift economic recovery and paused a rally in traditional risk assets.

Spot gold rose 0.3 per cent to $1,810.06 per ounce by 0052 GMT. U.S. gold futures were steady at $1,805.50.

Asian shares dipped slightly on Thursday as the hot run-up in global markets took a breather.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.4 per cent to 1,194.78 tonnes on Wednesday from 1,199.74 tonnes on Tuesday.

Silver rose 0.2 per cent to $23.35 per ounce. Platinum gained 0.2 per cent to $965.52 and palladium was 0.6 per cent higher at $2,342.16.