China's Hubei province, where the virus is believed to have originated, reported 242 new deaths, double the previous day's toll, and confirmed 14,840 new cases on February 12.
Gold futures were up 0.34 per cent at Rs 40,622 per 10 grams while silver futures gained 0.56 per cent to Rs 45,755 per 1 kg.
Globally too gold prices rose as a surge in the number of new coronavirus cases in China dashed hopes that the epidemic was slowing and drove investors to safe-haven assets.
Spot gold was up 0.4 per cent to $1,571.70 per ounce. US gold futures gained 0.2 per cent to $1,574.90.
Gold Rates - Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price |
Rs/10 grms (AHMEDABAD)
|Gold Future Price |
Rs/10 grms Expiry: 05-Feb-2021
A Reuters technical analyst said spot gold is poised to break support at $1,563 per ounce, and fall to the next support at $1,545.
These supports are identified as the 38.2 per cent and the 61.8 per cent projection levels of a downward wave C from $1,591.46. This wave is expected to travel to $1,516.
Elsewhere, palladium fell 0.7 per cent to $2,386.83 per ounce, silver rose 0.8 per cent to $17.60, while platinum gained 0.2 per cent to $963.14.
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