Gold and silver futures prices were trading with gains in the morning trade on Tuesday amid rising Covid cases and poor macro data coming out from the United States that trimmed hopes of a swift recovery.

Gold futures on the Multi Commodity Exchange (MCX) opened at Rs 48,194 per 10 grams as international prices recovered from 5-month lows on rising worries over a spike in COVID-19 cases that overtook optimism around the positive development of three viable vaccines. Spot gold was up 0.4% to USD 1,784.37 per ounce after sharp losses in the previous two sessions.

In the global markets on Monday, Gold registered its worst monthly fall in four years falling to $1,764.29 per ounce, the lowest level since 2 July.

In India, commodity markets were closed for the morning session on account of Gurunanak Jayanti. In the evening trading session, gold futures closed lower at Rs 47,763 per 10 gm, reflecting movement in the international markets. Rising coronavirus cases and poor macro data from the US attracted investors to the non-yielding bullion. In the last week, COVID-19 cases topped 1.1 million in the US, prompting fresh curbs in California.

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