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Business News of Tuesday, 23 June 2020

Source: ET Markets

Coronavirus: Gold prices slip as traders book profits at higher levels

Gold and silver saw profit booking in the opening trade on Tuesday even as COVID-19 patient count surged across the world, making the job of governments very difficult to ensure economic recovery.

Total number of COVID-19 patients in India reached over 4.4 lakh while fatalities climbed above 14,000 levels. New infections spiked in Latin America, particularly in Brazil.

Gold futures were down 0.01 percent or Rs 5 at Rs 47,939 per 10 grams. Silver futures shed 0.40 percent or Rs 193 to Rs 48,307 per kg.

Gold prices in the national capital fell Rs 85 to Rs 48,811 per 10 gram on Monday amid rupee appreciation, according to HDFC Securities. Silver, however, rose Rs 144 to Rs 49,880 per kg.

Globally, gold prices edged up on Tuesday after notching a more than one-month high in the previous session, as COVID-19 cases around the world surged and nervous investors opted for safe-haven assets.

Spot gold was up 0.2 percent to $1,758.03 per ounce as of 0124 GMT. Prices hit $1,762.84 per ounce on Monday, its highest level since May 18. U.S. gold futures edged 0.2 percent higher to $1,770.10 per ounce.

Gold is often used as a safe store of value during times of political and financial uncertainty.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6 percent to 1,166.04 tonnes on Monday from 1,159.31 tonnes on Friday.

Palladium fell 0.5 per cent to $1,928.26 per ounce, platinum dropped 0.6 per cent to $817.40. Silver eased 0.2 percent to $17.79 after hitting a more than one-week high on Monday.

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