French President Emmanuel Macron and German Chancellor Angela Merkel ordered their countries back into lockdown on Wednesday, as a massive second wave of infections threatened to overwhelm Europe before the winter.
Gold futures on MCX were down 0.16 per cent or Rs 83 at Rs 50,412 per 10 grams. Silver futures fell 0.11 per cent or Rs 67 to Rs 60,071 per kg.
In the spot market, gold prices gained Rs 188 to Rs 51,220 per 10 gram on Wednesday in the national capital amid rupee depreciation, according to HDFC Securities. Silver also rose Rs 342 to Rs 62,712 per kilogram.
Globally, gold was little changed, trading near a one-month low hit in the previous session, as fears of the economic impact from a fresh wave of the novel coronavirus in Europe kept the dollar around a one-week high it hit on Wednesday.
Spot gold was little changed at $1,877.83 per ounce by 0050 GMT, after falling as much as 2 per cent on Wednesday. US gold futures were flat at $1,879.60.
The dollar index was steady against a basket of six major currencies, pausing after clocking a gain of 0.3 per cent in early trade.
There is a high risk the resurgence in coronavirus cases halts the global economic recovery by year-end, according to Reuters polls of around 500 economists.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.67 per cent to 1,258.25 tonnes on Wednesday.
Silver rose 0.1 per cent to $23.43 per ounce, while platinum dipped 0.1 per cent to $866.96. Palladium was up 0.7 per cent at $2,254.02.