In the international market, gold slumped over 2 per cent on Friday, snapping its record-breaking rally, after a decent US jobs report boosted the dollar, but a worsening pandemic kept prices on course for their longest streak of weekly gains in about a decade.
Spot gold fell 1.4 per cent to $2,033.89 per ounce, after hitting a record high of $2,072.50. It has added 3 per cent so far this week for what would be its ninth straight weekly gain. US gold futures settled down 2 per cent at $2,028. Bullion has risen 34 per cent this year amid surging Covid-19 cases, which have battered global economies and prompted unprecedented stimulus measures.
Elsewhere, silver slid 3 per cent to $28.07 per ounce, having earlier hit its highest since February 2013 at $29.84. It has gained 15.5 per cent so far this week. Platinum dipped 4.1 per cent to $957.36, while palladium declined 2.9 per cent to $2,156.97.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.