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Gold prices leap as rising Covid cases lead to flight to safety

Globally, gold inched down after rising 1.4 per cent in the previous session as the U.S. dollar firmed.

ETMarkets.com|
Last Updated: Apr 03, 2020, 08.05 PM IST
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Reuters
Gold-1---reuters
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.33 per cent to 971.97 tonnes on Thursday.
NEW DELHI: Gold and silver prices leaped on Friday as rapid increase in coronavirus cases hit the risk appetite of investors, leading to rise in demand of safe haven assets even as the rupee gained against the US dollar.

The number of active cases have doubled in the last two days to 2,069, as per the government data. World over, the number of cases hit the 1 million mark with nearly 53,000 deaths.

Gold futures were up 1.02 per cent or Rs 441 to Rs 43,681 per 10 grams. Silver futures were up 3.05 per cent or Rs 1,218 to Rs 41,090 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
04-06-20204664046600
29-05-20204098946557
27-05-20204098946500
25-05-20204098947000
22-05-20204098947060
20-05-20204098947152
15-05-20204098947360
13-05-20204098945707
12-05-20204098945922
08-05-20204098945845


The Indian spot gold markets remained shut on Thursday due to countrywide lockdown on account of Covid-19, according to HDFC Securities. The country is undergoing a 21-day lockdown since last week.

Globally, gold inched down after rising 1.4 per cent in the previous session as the U.S. dollar firmed, but record high weekly U.S. jobless claims filings kept a check on bullion's downside.

Spot gold eased 0.1 per cent to $1,610.64 per ounce by 0037 GMT. U.S. gold futures slipped 0.1 per cent to $1,635.50.

The metal was down over 0.4 per cent for the week after an 8 per cent jump in the previous week

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.33 per cent to 971.97 tonnes on Thursday.

Palladium fell 0.8 per cent to $2,196.39 an ounce, platinum slipped 0.2 per cent to $725.52 and silver declined 0.8 per cent to $14.42. All three metals were set to register a weekly loss.

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