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Gold rate slips below Rs 47,000 as traders book profit

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NEW DELHI: Gold and silver prices eased on Thursday as traders preferred to book profits amid hoped of quick economic recovery. Meanwhile, more stimulus from the US boosted the case of riskier assets like equities.

The minutes of the latest Federal Reserve policy meeting showed that members acknowledged the possibility of further support measures if the economic downturn persists.

Gold futures were down 0.47 per cent or Rs 220 at Rs 46,911 per 10 grams. Silver futures dropped 1.63 per cent or Rs 802 to Rs 48,256 per kg.

Spot gold markets remained shut due to lockdown in the country to check the spread of Covid-19, according to HDFC Securities.

Globally, gold eased on Thursday as equities gained on hopes for a swift recovery from the coronavirus-induced economic slump, although losses were capped by optimism over further stimulus measures.

Spot gold slipped 0.2 per cent to $1,745.32 per ounce by 0044 GMT. U.S. gold futures declined 0.2 per cent to $1,748.60.

Palladium fell 0.9 per cent to $2,082.98 per ounce, silver eased 0.4 per cent to $17.44 and platinum dipped 0.1 per cent to $849.74.

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