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.
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)