Gold prices fall today, analysts suggest to stay away from yellow metal; silver rates edge higher

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March 19, 2020 11:32 AM

Gold prices fell along with other precious metals, as investors sold across assets to hoard cash after additional stimulus measures by the United States failed to calm markets.

gold, silverOn MCX, gold April futures were trading at Rs 39,240 per 10 grams, down 1.22 per cent or Rs 483, while the silver May futures were ruling a tad higher at Rs 34,062.Image: Reuters

Gold prices fell in Thursday’s trade while the silver prices gained as the rout in global equity markets continued in the wake of rising cases of coronavirus in India and across the world. Seeing this fall in the yellow metal, analysts suggest to stay away from the markets as it might fall further in coming days. On MCX, gold April futures were trading at Rs 39,240 per 10 grams, down 1.22 per cent or Rs 483, while the silver May futures were ruling a tad higher at Rs 34,062 per kg, up 0.46 per cent or Rs 155. “There seems no desire to find bottom and gold might fall further in panic selling. Hence we recommend to stay away from markets for a few sessions,” Jigar Trivedi, Fundamental Research Analyst -Commodities, Anand Rathi Shares and Stock Brokers said.

The yellow metal fell along with other precious metals, as investors sold across assets to hoard cash after additional stimulus measures by the United States failed to calm markets hit by mounting fears over the economic downside from the coronavirus, says Jigar Trivedi. Globally,the gold rates rose in Thursday’s session after witnessing a steep fall on Wednesday, as European Central Bank announced measures to mitigate the economic effects of the COVID-19 pandemic which lifted investor sentiment. Another gold analyst advised to wait to buy gold. In the current scenario of high volatility, do not buy yellow metal, says Anuj Gupta, Deputy vice president – Research, Angel Broking Ltd adding that the gold market is now turning in the bear zone.

A total of 169 cases have been recorded so far in the country,comprising 141 Indians, and 25 foreigners. The highest number of cases have been seen in the state of Maharashtra, followed by Kerala,Uttar Pradesh, Karnataka, Delhi and Union Territory of Ladakh. On the domestic equity front, the headline indices trimmed some of the morning losses, but still trading down. S&P BSE Sensex was down 717 points or 2.49 per cent to trade at 28,151, while the broader Nifty 50 index was ruling at 8,236, down 232 points or 2.75 per cent.

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