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Gold rate today: Gold hovers near life-highs as investors move to safe havens

Brokerage SMC Global said bullion counters can trade on a volatile path.

ETMarkets.com|
Last Updated: Feb 20, 2020, 09.59 AM IST
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Gold futures were up 0.31 per cent to Rs 41,714 per 10 grams, trading close to life highs. Silver futures were up 0.59 per cent to Rs 47,850 per kg.

Commodity Summary
MCX

GOLD
SILVER
Gold and silver gained on Thursday as investors moved to safe havens on worries over rising crude oil prices and the impact of coronavirus making riskier assets unattractive.

Brent crude futures were up 45 cents, or 0.8 per cent, to $59.57 a barrel. The international benchmark rose 2.4 per cent on Wednesday. A dearer oil can hurt India’s fiscal maths as the country is heavily dependent on imports to meet its petroleum needs.

Gold futures were up 0.31 per cent to Rs 41,714 per 10 grams, trading close to life highs. Silver futures were up 0.59 per cent to Rs 47,850 per kg.

Brokerage SMC Global said bullion counters can trade on a volatile path. Gold can move towards Rs 41,900 while taking support near Rs 41,600, while silver can improve towards Rs 48,300 while taking support near Rs 47,500, it added.

Gold prices fell slightly on Thursday, after hitting their highest since March 2013 in the previous session, as Chinese stimulus measures to cushion the economic impact of the coronavirus outbreak stoked investors to opt for riskier assets.

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



Spot gold was down 0.1 per cent at $1,609.59 per ounce, as of 0253 GMT. Bullion rose to an intraday high of $1,612.62 in the previous session, the highest since March 25, 2013. US gold futures were flat at $1,612.20.

A Reuters technical analyst said, spot gold may retrace to $1,595 per ounce, as it faces a resistance at $1,614.

The resistance is identified as the 186.4 per cent projection level of an uptrend from $1,265.90. It is strengthened by another one at $1,610.90, the January 8 high.

Deficit-hit palladium advanced 0.8 per cent to $2,735.90 an ounce, having touched a record high of $2,841.54 in the previous session.

Silver was down 0.3 per cent at $18.34, but hovered near its highest level in more than a month hit on Wednesday, while platinum fell 0.7 per cent to $998.

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