Gold rate today jump as traders flee from equities

Gold futures were up 2 per cent to Rs 41,154 per 10 grams. Silver futures were up 0.90 per cent to Rs 40,850 per kg.

Reuters

NEW DELHI: Gold and silver leaped on Monday as investors moved to safe haven assets in a risk-off environment due to 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 110 with two deaths till now. Indian Council of Medical Research has warned that community transmission of the disease is inevitable and then the numbers could rise manifold.

Gold futures were up 2 per cent to Rs 41,154 per 10 grams. Silver futures were up 0.90 per cent to Rs 40,850 per kg.

Gold prices on Friday crashed by Rs 1,097 to Rs 42,600 per 10 gram in the national capital as investors moved to other assets, including rupee after an appreciation in the domestic currency, according to HDFC Securities. The yellow metal had closed at Rs 43,697 per 10 gram in the previous session.

Globally, gold prices jumped in early trade after another emergency rate cut by the US Federal Reserve, before paring gains as some investors sold the metal for cash amid a sell-off in equities.

Spot gold was up 0.9 per cent at $1,543.60 per ounce by 0248 GMT, having risen as much as 2.8 per cent earlier. The metal fell ..

Spot gold was up 0.9 per cent at $1,543.60 per ounce by 0248 GMT, having risen as much as 2.8 per cent earlier. The metal fell 3 per cent on Friday. U.S. gold futures rose 1.8 per cent to $1,544.20 per ounce.

Among other precious metals, palladium fell 3.2 per cent to $1,748.63 per ounce, having fallen more than 5 per cent earlier in the session, while platinum slipped 0.4 per cent to $758.50. Silver gained 0.4 per cent to $14.74 per ounce.

 

ETMarkets.com|Last Updated: Mar 16, 2020, 10.16 AM IST

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