Gold rate dips further as risk sentiments improve

NEW DELHI: Gold and silver prices saw profit booking in the morning session on Friday as a better than expected US jobs data and relatively lower contraction in factory activity back home improved risk appetite.

The US economy created jobs at a record clip in June, but 31.5 million Americans were collecting unemployment checks in the middle of the month. Meanwhile, the total number of coronavirus patients in India reached 6.3 lakh while fatalities climbed above 18,200 levels.

Gold futures were down 0.13 per cent or Rs 63 at Rs 48,095 per 10 grams. Silver futures dipped 0.12 per cent or Rs 58 to Rs 49,095 per kg.



Gold prices in the national capital declined by Rs 488 to Rs 49,135 per 10 gram on Thursday amid rupee appreciation, according to HDFC Securities. Silver also went lower by Rs 1,168 to Rs 50,326 per kg.

Globally, gold was flat, trading in a narrow $4 range on Friday, as worries over surging coronavirus cases globally and lingering trade tensions between the United States and China overshadowed strong US jobs data.

Spot gold was unchanged at $1,775.12 per ounce by 0232 GMT. U.S. markets are closed on Friday for observing Independence Day on July 4. US gold futures eased 0.1 per cent to $1,787.80.

Gold is considered a safe store of value during political and financial uncertainty. Indicative of sentiment, holdings of SPDR Gold Trust , rose 0.8 per cent to 1,191.47 tonnes on Thursday.

Palladium was steady at $1,901.44 per ounce, while platinum rose 0.5 per cent to $806.63, set for its first weekly gain in six. Silver gained 0.6 per cent to $17.90, heading for its fourth consecutive weekly gain.