/Gold, silver edge higher amid thin domestic trade

Gold, silver edge higher amid thin domestic trade

NEW DELHI: Gold and silver futures prices in the domestic market traded with gains on Friday amid thin trading almost international markets were closed for trading.

This comes amid setback to US President Donald Trump‘s demand for an increase in coronavirus relief checks to $ 2,000, Republican Senate Majority leader Mitch McConnell refused a quick vote on the bill, saying it had “no realistic path to quickly pass the Senate.”

Precious metals are used as a hedge against inflation, which tends to kick in when money is pumped into the system.

Gold futures on MCX were up 0.08 per cent or Rs 41 at Rs 50,192 per 10 grams. Silver futures added 0.17 per cent or Rs 115 to Rs 68,220 per kg.

In the spot market, gold prices gained Rs 235 to Rs 49,675 per 10 gram in the national capital on Thursday, according to HDFC Securities. Silver also went up by Rs 273 to Rs 67,983 per kilogram.

Physical gold demand remained largely muted across top Asian hubs this week as holidays kept buyers at bay, although prices in India flipped to a premium due to constrained shipments.

Indian dealers were charging a premium of up to $ 2.5 an ounce this week over official domestic prices, inclusive of 12.5% import and 3% sales levies, up from last week’s discount of $ 2.

Let’s block ads! (Why?)

Markets-Economic Times