Corona Update: Gold & Silver Prices shoots up as covid_19 cases rises in India
While the Coronavirus cases in the country are on rise, the prices of Gold & silver too shot up on Tuesday. The investors all over the world are worried about the impact of further increase in Covid-19 cases on Business and are staying away from investing in risky assets.
After relaxations given by the Centre in the less affected areas of the country, the businesses and other economic activities have started but the effect of the shutdown seems to have greater impact in the long term.
At present, the impact can be seen in the prices of various sectors. Meanwhile, the Gold futures were up 0.30 per cent or Rs 139 at Rs 45,920 per 10 grams. Silver futures gained 0.22 per cent or Rs 95 to Rs 43,325 per kg.
As reported by the HDFC Securities, the Spot gold markets continued to remain shut due to lockdown in the country as a measure to contain the spread of coronavirus.
At global level, the gold prices were steady in early Asian trade after two straight sessions of falls, as a stronger dollar emerged countering the fear of a new wave of coronavirus infections in many countries on Tuesday.
The price of Spot gold remained unchanged at $1,695.75 per ounce by 0038 GMT. While the U.S. gold futures declined slightly by 0.2 per cent to $1,695.40.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said that its holdings fell 0.05 per cent to 1,081.07 tonnes on Monday.
Meanwhile, Palladium too slipped 0.4 per cent to $1,887.51 per ounce and silver fell 1.2 per cent to $15.36, while platinum climbed 0.3 per cent to $758.98.