Gold prices fall for second day in a row; silver rises

Gold futures on the Multi Commodity Exchange (MCX) were down 0.17$ or ₹76 at ₹45,675 per 10 grams. However, silver futures gained 0.46% or ₹192 to ₹42,088 per kg.

Gold prices in India dropped on Wednesday for the second day in a row tracking global markets as risk sentiment improved and many economies across the globe opened gradually.

Globally, gold prices also inched lower on Wednesday as equities rose on upbeat risk sentiment stemming from the gradual reopening of many economies (Reuters)

Gold futures on the Multi Commodity Exchange (MCX) were down 0.17$ or ₹76 at ₹45,675 per 10 grams. However, silver futures gained 0.46% or ₹192 to ₹42,088 per kg.

Globally, gold prices also inched lower on Wednesday as equities rose on upbeat risk sentiment stemming from the gradual reopening of many economies

A firmer dollar also weighed on prices.

Spot gold fell 0.1% to $1,704.88 per ounce by 0119 GMT. US gold futures rose 0.2% to $1,713.00 per ounce.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.4% to 1,076.39 tonnes on Tuesday from 1,071.71 tonnes on Monday.

Gold miner Newmont Corp’s adjusted profit nearly doubled on Tuesday boosted by higher production and a surge in the prices of the precious metal, as investors rushed to the safe-haven asset amid market turmoil caused by the Covid-19 outbreak.

(With agency inputs)