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Gold rate today jump on rise in safe haven demand

Wed Mar 18 2020

 

 

Gold and silver prices gained in Wednesday’s session as investors moved to safe haven assets in a risk-off environment amid rising coronavirus cases in India and abroad.

 

As per the government of India, the total number of confirmed Covid-19 cases in the country were at 147 with three deaths till now. The authorities have advised social distancing and have closed most public transport services.

 

Gold futures were up 0.09 per cent to Rs 40,280 per 10 grams. Silver futures were up 1.26 per cent to Rs 35,900 per kg.

Gold on Tuesday went lower by Rs 80 to Rs 39,719 per 10 gram in the national capital following weak global cues and rupee appreciation, according to HDFC Securities. Silver prices also declined by Rs 734 to Rs 35,948 per kg against Monday's close of Rs 36,682 per kg.

 

Globally, gold edged higher on Wednesday as additional stimulus from the United States eased some concerns over the economic impact of the coronavirus and halted a trend of selling precious metals for cash, although a strong dollar capped gains.

 

Spot gold rose 0.1 per cent to $1,529.69 per ounce by 0305 GMT, having risen about 1 per cent earlier in the session. U.S. gold futures gained 0.3 per cent to $1,530.80 an ounce.

 

Underscoring the economic strain from the virus, a survey showed that the mood among German investors slumped in March to levels last seen at the beginning of the world financial crisis in 2008 due to alarm at the impact on Europe's largest economy.

 

Elsewhere, palladium rose 1.1 per cent to $1,661.11 per ounce, while platinum gained 1.4 per cent to $670.72. Silver rose 1.4 per cent to $12.76 after eight straight sessions of falls.

 

Source: https://economictimes.indiatimes.com