Gold prices struggled for momentum in India for the third day in the row in India. On MCX, gold futures were down marginally at ₹47,137 per 10 gram. Silver prices saw some profit-taking after their strong run. On MCX, July silver futures were down 0.21% to ₹50,505 per kg. Silver had surged about 25% in the past one month on optimism over industrial demand reviving as more countries reopen their economies. After hitting a record high of about ₹48,000 per 10 gram, gold prices in India have traded in a narrow range.
In global markets, gold prices inched lower on optimism of economic recovery as more countries ease lockdown curbs. However, losses in gold were capped due to China-US tensions, protests in the United States and a weaker dollar. Spot gold was down 0.1% at $1,738.12 per ounce. Among other precious metals, platinum was up 0.3% to $850.19, while silver fell 0.5% to $18.17.
A survey showed that factory activity in China returned to growth in May as restrictions eased, but the improvement was marginal. Meanwhile, in US manufacturing activity ticked up slightly from a 11-year low, suggesting that the worst of the coronavirus-related economic downturn might be over.