Gold prices today rise as coronavirus cases jump across the world

Gold and silver edged higher on Tuesday 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 134 with two deaths till now. Authorities are keeping their fingers crossed as the country enters a crucial period when the number of infections can go up manifold.

Gold futures were up 0.27 per cent to Rs 39,624 per 10 grams. Silver futures were up 0.22 per cent to Rs 36,287 per kg.

Gold prices on Monday jumped by Rs 455 to Rs 41,610 per 10 gram in the national capital amid rupee depreciation and recovery in global prices, according to HDFC Securities. Silver prices, however, dropped by Rs 1,283 to Rs 40,304 per kg from Rs 41,587 per kg in the previous trade.

Globally, gold prices inched lower on Tuesday, following a meltdown in precious metals last session, as investors continued to sell assets across markets to keep their money in cash amid heightened panic over the coronavirus pandemic.

Spot gold slipped 0.2 per cent to $1,511.30 per ounce by 0039 GMT, having slumped as much as 5.1 per cent on Monday to its lowest since November. US gold futures rose 1.7 per cent to $1,511.50.

Palladium rose 2.5 per cent to $1,657.03 per ounce, having plummeted as much as 18 per cent in the previous session.

Platinum rose 3 per cent to $638 per ounce, after posting its biggest one-day percentage decline ever on Monday.

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Silver gained 2.2 per cent to $13.18 per ounce, having touched its lowest since 2009 on Monday.


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