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Gold rate today rises amid surge in Covid-19 cases

Tue Sep 22 2020

 

Gold and silver prices gained in early trade on Tuesday as traders took refuge in bullion counters amid surging virus cases in Europe that threatened more restrictions on movement and businesses.

 

A surge in fresh Covid-19 infections in countries such as France, Austria or the Netherlands are worrying, German Health Minister Jens Spahn said on Monday, adding that Germany will sooner or later import cases from there.

 

Gold futures on MCX NSE -0.10 % were up 0.12 per cent or Rs 62  ..

 

Gold Rates - Spot & Futures (.995 purity) (MCX)

Date

Gold Spot Price

Gold Future Price

 

Rs/10 grms (AHMEDABAD)

Rs/10 grms Expiry: 05-Oct-2020

09-22-2020

51258

50520

09-17-2020

0

51466

09-16-2020

0

51842

09-11-2020

0

51333

09-08-2020

50967

50967

09-04-2020

50940

50740

09-02-2020

51088

50794

08-28-2020

50981

51399

08-25-2020

51440

51004

08-21-2020

52448

51990

 

Globally, gold prices inched up after slumping 3.4 per cent in the previous session, as the resurgent dollar held on to overnight gains, while economic concerns over fresh rounds of coronavirus-induced lockdowns across Europe also helped buoy the metal.

 

Spot gold rose 0.3 per cent to $1,918.20 per ounce by 1252 GMT. Bullion prices fell to their lowest level since Aug. 12 at $1,882.70 on Monday as the U.S. dollar soared to an almost six-week high. US gold futures gained 0.6 per cent to $1,921.50 on Tuesday.

 

Gold, which is often used as a safe store of value during times of political and financial uncertainty, has risen nearly 26 per cent this year.

 

Britain will face an exponentially growing death rate from coronavirus within weeks unless urgent action is taken to halt a rapidly spreading second wave of the outbreak, the country's senior medics said on Monday.

 

The world's largest 50 investment banks are on track to double their income from precious metals this year to around $2.5 billion, most of it from gold, Coalition, a banking consultancy, told Reuters.

 

Silver gained 1.1 per cent to $25 per ounce, platinum was up 0.6 per cent to $886.20 and palladium rose 0.5 per cent to $2,285.44.

 

Source: Reuters