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Gold prices jump on rise in safe haven appeal

Worries over spread of coronavirus raised yellow metal's safe haven appeal, said HDFC Securities.

ETMarkets.com|
Last Updated: Mar 01, 2020, 11.02 PM IST
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Reuters
Gold-3--Reuters
Gold futures jumped 0.75 per cent or Rs 318 to Rs 42,703 per 10 grams while silver futures edged 0.28 per cent or Rs 130 lower to Rs 46,528 per kg.

Commodity Summary
MCX

GOLD
Gold prices gained in the opening trade on Friday as investors rushed to safe haven counters following a rapid spread of coronavirus cases throughout the world.

Mainland China had 327 new confirmed cases of infections on Thursday, the National Health Commission said on Friday, down from 433 cases a day earlier. While, Iran said on Thursday its death toll rose to 26, by far the highest number outside China, and the total number of infected people stood at 245.

Gold futures jumped 0.75 per cent or Rs 318 to Rs 42,703 per 10 grams while silver futures edged 0.28 per cent or Rs 130 lower to Rs 46,528 per kg.

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



Gold prices on Thursday rose by Rs 78 to Rs 43,513 per 10 gram in the national capital on positive global trend as worries over spread of coronavirus raised yellow metal's safe haven appeal, according to HDFC Securities.

Silver prices also gained Rs 35 to Rs 48,130 per kg from Rs 48,095 per kg.

Globally, gold prices inched higher on Friday as worries intensified that the rapidly spreading coronavirus could turn into a pandemic and derail global economic growth.

Spot gold gained 0.2 per cent to $1,645.79 per ounce by 0055 GMT, and was up about 0.1 per cent for the week. US gold futures rose 0.1 per cent to $1,644.20.

Palladium slipped 0.1 per cent to $2,840.73 an ounce, but was on track to post its fourth straight weekly gain.

Platinum was down 0.2 per cent to $897, and was headed for its worst week since November 2015.

Silver rose 0.6 per cent to $17.81 per ounce, but was on track to post a weekly decline.

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