NEW DELHI: Gold and silver futures drifted further lower in the morning trade on Wednesday as doubts over government transition in Washington faded, increasing risk appetite.
US president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings, a sign he has all but accepted the result.
Gold futures on MCX were down 0.17 per cent or Rs 81 at Rs 48,504 per 10 grams. Silver futures dipped 0.22 per cent or Rs 131 to Rs 59,490 per kg.
In the spot market, gold prices plunged by Rs 1,049 to Rs 48,569 per 10 gram in the national capital on Tuesday following weak global cues and rupee appreciation, according to HDFC Securities. Silver also faced selling pressure as it tumbled by Rs 1,588 to Rs 59,301 per kg.
Globally, gold prices edged up on Wednesday helped by a weaker dollar, though a robust appetite for riskier assets kept the safe-haven metal near a more than four-month low hit in the previous session.
Spot gold rose 0.1 per cent to $1,809.41 per ounce by 0124 GMT. Prices hit $1,800.01 on Tuesday, its lowest level since July 17. US gold futures were up 0.2 per cent at $1,807.60.
The dollar index eased 0.1 per cent against a basket of currencies, making bullion cheaper to other currency holders.
China’s net gold imports via Hong Kong plunged about 84 per cent in October from September’s six-month peak, marking their steepest month-on-month decline since June, Hong Kong Census and Statistics Department data showed on Tuesday.
Holdings of the SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 1.1 per cent to 1,199.74 tonnes on Tuesday from 1,213.17 tonnes on Monday.
Silver rose 0.2 per cent to $23.29 per ounce. Platinum fell 0.2 per cent to $959.64, while palladium eased 0.3 per cent to $2,340.61.