Gold prices see a sharp drop after 2 day surge

Gold prices fall on Thursday in Indian markets after a strong surge in the previous two sessions.

In International markets, gold's prices held above the key level of $2,000 per ounce, supported by a softer US dollar. Spot gold was up 0.1% at $2,002.12 per ounce. Among other precious metals, silver rose 0.6% to $27.82 per ounce while platinum gained 0.2% to $958.33.

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“Today we are seeing profit booking in golds and silver due to no physical demand on higher levels and people are selling gold to book profit on higher levels,” said Anuj Gupta, DVP- Commodities and Currencies Research at Angel Broking.

Previously, gold prices fell 1.77 percent or Rs 949 to close at Rs 52,622 per 10 gram, while Silver prices dropped 2.22 percent to settle at Rs 67,963 per kg. “The yellow metal fell as the Trump administration said a smaller coronavirus bill could be reached, of around $500 billion as against anything between $1 to $3 trillion. The dollar rebounded hence sentiments would be weak during intraday,” Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers informed.

Globally, gold recovered some poise after the U.S. Federal Reserve warned that a recovery from the pandemic-induced economic slump faced a highly uncertain path, according to Reuters. Spot gold was up 0.5 percent at $1,940 per ounce. US gold futures fell 1.4% to $1,943 per ounce. Among other metals, silver rose 0.8 percent to $26.94 per ounce, platinum climbed 0.3 percent to $934.01, and palladium gained 0.4% to $2,165.86.

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