Gold prices rose today after it slipped sharply in the previous session amid coronavirus fears where investors rushed to safe-havens. Gold April futures were trading Rs 520 or 1.26 per cent higher at Rs 41,917 per 10 grams, while silver March futures gained Rs 940 or 2.12 per cent at Rs 45,343 per kg on MCX on Monday. ” MCX gold opened with a gap up since it slipped sharply on Friday. The sentiment is positive for the bullions since Fed has come out and said if required there will be rate cut although the U.S. fundamentals are strong. Silver, which fell more than 2,500 last Friday, has rebounded by nearly more than 600. The dollar has retreated for five consecutive sessions. Going ahead, the undertone is likely to be strong in the bullion commodities,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said.
Gold prices rose more than 1% on Monday, following a steep fall across the precious metals complex in the previous session. Spot gold gained 1.2 per cent to $1,602.90 per ounce, having slumped more than 4 per cent in intraday trade on Friday. US gold futures rose 1.9 per cent to $1,597.10, according to Reuters. “On the expectation of rate cut by Fed and correction in dollar and in correction in bond yields we can expect a rally in gold. We recommend to buy gold at 41500, stop loss 41200, target 41900,” Anuj Gupta, Deputy vice president – Research, Angel Broking Ltd said.
Meanwhile, on domestic equity front, Sensex and Nifty gained over 2 per cent each in the morning session on Monday. S&P BSE Sensex was trading 600 points or 1.55 per cent higher at 38,891, while the broader Nifty 50 index was ruling at 11,360, up 158 points or 1.42 per cent, led by buying in RIL, TCS and ICICI Bank.