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Gold prices hit all-time high as investors rush to safety

Spot gold markets in India remained shut on Friday due to countrywide lockdown to prevent spreading of coronavirus.

ETMarkets.com|
Last Updated: Apr 08, 2020, 12.07 PM IST
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Reuters
Gold-1---reuters
India's gold imports plunged more than 73 per cent year-on-year in March to their lowest in 6-1/2 years.

Commodity Summary
MCX

GOLD
Gold and silver leaped higher on Tuesday amid investor rush to safe haven assets as the Covid-19 cases rose over 4,000 in India, making riskier assets like equities less lucrative.

With businesses shut in several cities in India amid rising threat of coronavirus, there is a clear risk-off environment in the market. The number of active cases were at 4,412, as per the government data.

Gold futures were up 3.44 per cent or Rs 1,504 to Rs 45,226 per 10 grams at around 9.15 am. It scaled an all-time high of Rs 45,724 at the open.

Silver futures were up 5.37 per cent or Rs 2,212 to Rs 43,435 per kg.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Jun-2020
22-05-20204098947060
22-05-20204098947060
20-05-20204098947152
15-05-20204098947360
13-05-20204098945707
12-05-20204098945922
08-05-20204098945845
01-05-20204098945556
30-04-20204098945735
27-04-20204098946125
24-04-20204098946599


Hareesh V, Head Commodity research at Geojit Financial Services said gold will continue with a bullish outlook as large-scale quantitative easing programs from various central banks are likely to boost prices.

“Investor demand for safe havens amid ongoing fears of the global health crisis have lifted the demand of the commodity. However, a strong dollar and moderate physical demand may limit major gains in the counter,” he added.

Spot gold markets in India remained shut on Friday due to countrywide lockdown to prevent spreading of coronavirus.

Globally, gold rate eased from a four-week high on Tuesday, as the US dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths.

Spot gold was down 0.2 per cent at $1,657.67 per ounce, as of 0110 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8 per cent on Monday. U.S. gold futures rose 1.7 per cent to $1,723.

Meanwhile, India's gold imports plunged more than 73 per cent year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the outbreak squeezed retail demand, a government source said on Monday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.54 per cent to 984.26 tonnes on Monday.

Palladium rose 0.8 per cent to $2,172.53 per ounce, while platinum was steady at $735.26.

Silver edged up 0.1 per cent to $14.99 an ounce, having touched a more than three-week high earlier in the session.

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