NEW DELHI: Gold and silver prices gained in Thursday’s session after the United States said its jobless claims did not go down as was expected. Meanwhile, India continues to report the highest number of daily cases in the world lifting bullion’s appeal.
US private employers hired fewer workers than expected for a second straight month in August, suggesting that the labor market recovery was slowing as the coronavirus pandemic persists.
Gold futures on MCX were up 0.14 per cent or Rs 69 at Rs 50,890 per 10 grams. Silver futures added 0.57 per cent or Rs 387 to Rs 68,640 per kg.
Gold prices in the national capital declined Rs 614 to Rs 52,314 per 10 gram on Wednesday tracking weakness in the international market, according to HDFC Securities. Silver also tanked Rs 1,799 to Rs 71,202 per kg.
Globally, gold prices edged higher following a steep fall in the previous session, as a weaker U.S. dollar and worries over the global economic outlook due to rising coronavirus cases underpinned the metal’s appeal.
Spot gold inched up 0.1 per cent to $1,944.58 per ounce by 0059 GMT, after falling 1.4 per cent on Wednesday. US gold futures rose 0.3 per cent to $1,950.60.
US business activity and employment ticked up through late August, the Federal Reserve said on Wednesday, but economic growth was generally sluggish as COVID-19 hotspots hampered reopening efforts that fueled an early-summer rebound.
Gold is used as a safe investment during times of political and financial uncertainty.
Silver eased 0.1 per cent to $27.48 per ounce, platinum rose 0.1 per cent to $906.69 and palladium fell 0.3 per cent to $2,241.10.