8,748.75-43.45
Stock Analysis, IPO, Mutual Funds, Bonds & More

Gold rate slips amid rush for cash, silver gains

Gold futures were down 1.03 per cent or Rs 427 to Rs 40,952 per 10 grams.

ETMarkets.com|
Last Updated: Mar 25, 2020, 11.38 PM IST
0Comments
Getty Images
gold-getty-2
With businesses shut in several cities amid a rising threat of coronavirus, investors are wary of betting on any asset class.

Commodity Summary
MCX

GOLD
SILVER
Gold paused its gaining streak on Wednesday while silver gained on investor preference to sit on cash as India went under a lockdown.

With businesses shut in several cities amid a rising threat of coronavirus, investors are wary of betting on any asset class.

Gold futures were down 1.03 per cent or Rs 427 to Rs 40,952 per 10 grams. Silver futures were up 0.73 per cent or Rs 297 to Rs 40,821 per kg.

Spot gold markets in India remained shut on Tuesday due to lockdown in major states, according to HDFC Securities. The central and state governments in the country have decided to lock down several districts from where Covid-19 cases have been reported in order to break the chain of transmission.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Jun-2020
08-04-202040989.044930.0
03-04-202040989.043712.0
01-04-20200.043130.0
31-03-202040989.042968.0
27-03-202040989.043510.0
24-03-202040989.042090.0
20-03-202041125.040886.0
17-03-202039741.040670.0


Globally, Gold prices inched up in volatile trade on Wednesday, as growing hopes for a massive US economic stimulus package to stem the coronavirus outbreak's economic toll offset liquidation by investors looking for cash and to cover losses in other assets.

Spot gold was up 0.1 per cent at $1,611.73 per ounce by 0230 GMT, after rising as much as 1.6 per cent earlier in the day. The metal jumped more than 3 per cent in the previous session.

US gold futures climbed 0.8 per cent to $1,673.60.

Indicating investors' appetite for gold, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 1.3 per cent to 935.98 tonnes on Tuesday.

Among other precious metals, palladium climbed 0.6 per cent to $1,942.87 an ounce and platinum gained 2.1 per cent to $722.55. Both the metals surged more than 10 per cent in the previous session on the back of a lockdown in major producer South Africa.

Silver rose 0.2 per cent to $14.29 per ounce.

Also Read

'Correct yourself – Gold ETFs are as good as gold’

Sonbhadra gold deposits: GSI says estimated gold reserve is 160 kg

Gold rate dips on profit booking

Gold Rate Today: Gold, silver upbeat as coronavirus death toll rises

Will gold continue to shine in 2020?

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service