Gold rate eases on profit booking

Bullion counters eased on Thursday tracking the trend in global markets as profit booking continued for the second day on a trot.

With businesses shut in several cities in India amid rising threat of coronavirus, the economic situation remains precarious. The number of reported Covid cases were at 5,734, as per the government data.

Gold futures were down 0.11 per cent or Rs 51 to Rs 44,890 per 10 grams. Silver futures slipped 0.39 per cent or Rs 170 to Rs 42,969 per kg.

Spot gold markets in India remained shut on Wednesday due to countrywide lockdown to prevent spreading of Covid-19, according to HDFC Securities.

Globally, gold rate rose slightly on Thursday ahead of a US weekly jobless claims report as the dollar inched lower, while increasing appetite for risk on hopes that the coronavirus pandemic is nearing a peak limited the metal's upside.



Spot gold rose 0.1 per cent to $1,646.81 per ounce, resuming its march toward a near one-month peak on Tuesday. US gold futures eased 0.1 per cent to $1,682.70.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.3 per cent to 988.63 tonnes on Wednesday.

Palladium fell 0.5 per cent to $2,164.40 an ounce, while silver eased 0.1 per cent to $15.03. Platinum gained 0.5 per cent to $733.30, having touched a more than three-week high in the previous session.