Gold Prices Ease But Set For Sixth Consecutive Quarterly Gain

On MCX, gold futures were trading lower by 0.10 percent on Tuesday morning at Rs 43,800 per 10 grams after opening at Rs 43,835, mirroring minor losses in the international market.

Spot gold was down 0.3 percent at $1,616.34 an ounce while US gold futures inched lower by 0.1 percent to $1,641.20 per ounce as investors braced for prolonged uncertainty after the US government extended movement restrictions to curb the spread of COVID-19.

However, the precious metal is set for a gain of 6.5 percent for the March ending quarter, its sixth consecutive quarterly percentage rise.

Gold prices remain high as uncertainty looms on the time frame for the end of the pandemic that has paralysed economies around the world.

Trade ministers of the G20 nations agreed on Monday to keep their markets open and ensure the continued flow of vital medical supplies, equipment and other essential goods as the world battles the outbreak.

Meanwhile, China, the second-largest economy in the world reported a surprise rise in its official Purchasing Managers' Index (PMI) for March at 52 from a record low of 35.7 in February. However, the country's National Bureau of Statistics attributed the surprise rebound to its record low base in February and cautioned that the readings do not signal stabilization in its economic activity.