Gold prices today decline as traders book profits

Gold prices today decline as traders book profits

Silver futures for December delivery slipped Rs 837, or 1.21 percent, to Rs 68,154 per kg at 14:21 hours on a business turnover of 16,214 lots. Gold has gained 0.4% this week. Gold and silver prices in India have struggled for direction after hitting highs of ₹56,200 and ₹79,723 last month.

"The balanced tone struck by the European Central Bank at today's meeting was less dovish than many investors may have been expecting", said Jai Malhi, global market strategist at J.P. Morgan Asset Management. And in recent days they have traded in a very narrow range.

The dollar index held firm against its rivals, recovering from a drop against the euro in the previous session.

Investors now await British GDP data and U.S. inflation numbers due later in the day for further clarity on the progress of the global recovery from a coronavirus-induced economic slump.

Spot gold was down 0.8% at $1,938.53 USA per ounce early Friday, after hitting its best level since September 2 at $1,965.94 US on Thursday.

Among other precious metals, silver fell 0.3% to $26.84 per ounce, platinum eased 0.1% to $925.59 and palladium lost 0.4% to $2,283.72.

Giannis Antetokounmpo, Anthony Davis, Rudy Gobert headline All-Defensive first team
The other remaining honors still to be announced are the league's two All-Rookie teams, as well as its three All-NBA teams. Players who received votes at multiple positions were slotted at the position at which they received the most votes.

But exporters are suffering from a stronger euro, which makes their goods more expensive overseas.

"The lack of policy change at the ECB is much more to do with the reduced effectiveness of the remaining options at its disposal rather than the central bank being comfortable with the current state of the economy".

Gold prices rose by Rs 287 to Rs 52,391 per 10 gram in the national capital on Thursday, according to HDFC Securities.

"Gold may witness choppy trade as equity markets and USA dollar struggle for clear direction".

The Euro touched a 1-week peak versus its USA counterpart after the president of the European Central Bank commented that the central bank was merely monitoring the exchange rate and not using it a policy tool.

Now investors are eyeing the US CPI as well as British GDP data.

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