Gold prices today rise above Rs 48,000 amid poor macro data

NEW DELHI: Gold and silver futures prices were trading with gains in the morning trade on Tuesday amid rising covid cases and poor macro data coming out from the US that reduced hopes of a swift recovery.

The recovery outlook was also dimmed after data on Monday showed contracts to buy previously owned U.S. homes fell for a second straight month in October, while activity at factories in the Midwest and Texas slowed in November.

Gold futures on MCX were up 0.36 per cent or Rs 172 at Rs 48,090 per 10 grams. Silver futures rose 1.27 per cent or Rs 763 to Rs 60,985 per kg.

In the spot market, gold was marginally down by Rs 43 to Rs 48,142 per 10 gram on Friday in the national capital, according to HDFC Securities. Silver also declined Rs 36 to Rs 59,250 per kg.

Globally, gold edged up on Tuesday, as investors weighed optimism over prospects for a Covid-19 vaccine against a surge in infections and possible restrictive measures to combat the pandemic that risk derailing a swift global economic recovery.

Spot gold rose 0.1 per cent to $1,778.76 per ounce by 0049 GMT, while U.S. gold futures were little changed at $1,780.50.

Falling costs to roll forward U.S. gold futures contracts suggest the market is moving closer to normal trading after turmoil caused by Covid-19 raised investors’ overheads, curbed activity and funnelled massive profits to investment banks.

Silver gained 0.2 per cent to $22.64 per ounce, while platinum rose 0.4 per cent to $968.78 and palladium was down 0.1 per cent at $2,370.63.

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