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Gold prices fall below Rs 42,000 today, snap three day gaining streak; silver rates slump

The Financial Express logo The Financial Express 6 days ago Surbhi Jain

Gold prices slipped in the early trade on Thursday, after gaining for three consecutive sessions. On MCX, gold April futures were trading Rs 517 or 1.22 per cent down at Rs 41,700 per 10 grams.

In pics: Countries that own most of the world's gold (Slideshow by Lovemoney)

Similarly, silver May futures were also ruling lower at 41,053, down Rs 653 or 1.57 per cent. The fall in gold prices was on the back of "rising coronavirus cases and the global economic toll from the disease overshadowed hopes fueled by a $2 trillion US government stimulus package. UK BoE monetary policy, US GDP and weekly jobless claims will be released hence, it will be monitored closely. Overall due to strong rupee, the sentiment will be weak in the yellow metal," Jigar Trivedi, Fundamental Research Analyst, Commodities, Anand Rathi Shares and Stock Brokers, said.

"Fundamental structure favours going long in the yellow metal. Vaccination is critical for recovery of financial condition. Until then, positive for the yellow metal," Jigar Trivedi added.  

Also watch: Is India heading towards recession? (Video by Moneycontrol)

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Globally, too, gold prices fell, as the investors awaited the passage of $2 trillion US stimulus package to fight against the economic impact of the coronavirus pandemic. Spot gold fell 0.6 per cent to $1,604.16 per ounce, while US gold futures were up 0.3 per cent at $1,639 an ounce.

Palladium rose 2.9 per cent to $2,383.23 an ounce. It jumped 20 per cent in the previous session as a lockdown in major producer South Africa exacerbated supply woes. While Platinum fell 1.6 per cent to $726.48 an ounce and silver slipped 0.4 per cent to $14.37, Reuters reported.

A jewellery showroom in Kolkata © REUTERS/Rupak De Chowdhuri A jewellery showroom in Kolkata

Back home, India is likely to agree to an economic stimulus package of more than 1.5 trillion rupees ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told Reuters.

On the equity front, the 30-share index Sensex was off day's high of 30,099, to trade at 29,374, while the broader Nifty 50 index was ruling at 8522. up 204 points or 2.46 per cent.

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