Gold prices slip on signs of economic recovery

NEW DELHI: Traders booked profit in gold and silver on Friday on improving jobless claims data in the US. Market participants are also awaiting the release of Chinese economic data due later in the day.

Data out of the United States on Thursday showed jobless claims dropped below one million last week for the first time since the start of the COVID-19 pandemic, which reflects improving economic conditions.

Gold futures on MCX were down 0.66 per cent or Rs 350 at Rs 52,580 per 10 grams. Silver futures shed 1.23 per cent or Rs 877 to Rs 70,200 per kg.



Gold prices rose marginally by Rs 11 to Rs 53,132 per 10 gram in the national capital on Thursday following a rally in the international market, according to HDFC Securities. Silver prices also jumped Rs 1,554 to Rs 68,349 per kg.

Globally, gold prices rose for a third straight session, supported by a weaker US dollar, with investors awaiting the release of Chinese economic data due later in the day.

Spot gold was up 0.4 per cent at $1,960.29 per ounce by 0044 GMT. However, bullion has fallen nearly 4 per cent so far this week and was on track for its first weekly decline since early June. US gold futures eased 0.2 per cent to $1,967.50 per ounce.

The dollar index fell for a third consecutive session against its rivals, making gold cheaper for holders of other currencies.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.1 per cent to 1,252.09 tonnes on Thursday.

Silver edged 0.1 per cent lower to $27.53 per ounce, platinum was steady at $956.96 and palladium eased 0.1 per cent to $2,163.97.