New Delhi:  Domestic gold prices slipped on Wednesday and continue to lose the shine with the rally in the stock market and investors are optimistic about the economic recovery.  On MCX, August gold futures fell 0.20 percent to ₹46,470 per 10 gram after slipping ₹556 previous days. Silver also dipped in tandem with the bullion prices. On MCX, July silver futures fell 0.51 percent to ₹48,830 per kg, according to the figures in a Mint report.

Silver had slipped about ₹1,500 in the previous session. The domestic gold prices were affected by the appreciation of rupee against the US dollar. Gold prices vary in different parts of the country and comprise of 12.5 percent import duty and 3 percent GST.

Spot gold markets in Delhi have reopened on Monday after a long break due to Covid-19 induced lockdown, as per the news agency PTI.

While global gold prices also remain down as equity markets rallied on hopes of economic recovery. Spot gold was down 0.2 percent at $1,722.93 per ounce. Other precious metals such as platinum moved 0.1 percent high to $839.52, while silver fell 0.6 percent to $17.98.

But the losses were capped as a result of US unrest over the death of George Floyd.

Globally, the equity has gained over gold as multiple stimulus packages fuelled global stocks to a three-month high. In Europe, the European Central Bank is expected to unveil an additional 500 billion euros of asset purchases programme on Thursday.

Central banks and governments across the world are trying to prep the battered economy with a huge stimulus package to bail the companies out from the Covid-19 induced lockdown.

Despite the turmoil, investors are still seeking refuge in the safe-haven metal and investing in gold ETFs. The holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.1 percent to 1,129.28 tonnes on Tuesday.