Gold prices rise today after two-day fall as coronavirus cases spike; silver rates gain

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May 12, 2020 11:06 AM

On MCX, gold June futures were Rs 147 or 0.32 per cent higher at Rs 45,928 per 10 grams. While silver July futures surged Rs 160 or 0.37 per cent at Rs 43,390 per kg

gold prices today, gold ratesGold prices hit a day’s high of Rs 45,970 per 10 grams whereas silver touched an intraday high of Rs 43,453 per Kg. Image: Reuters

Gold prices edged higher today after a two-day fall as a stronger dollar countered fears of a new wave of coronavirus infections in many countries. Wuhan, the epicentre of the coronavirus outbreak in China, reported its first cluster of virus infections since the lockdown was lifted. On MCX, gold June futures were Rs 147 or 0.32 per cent higher at Rs 45,928 per 10 grams. While silver July futures surged Rs 160 or 0.37 per cent at Rs 43,390 per kg. “The trend in gold is positive amid a rise in investment demand,” Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers, said.

Gold prices hit a day’s high of Rs 45,970 per 10 grams whereas silver touched an intraday high of Rs 43,453 per Kg. Federal Reserve policymakers say they will do what it takes to cushion an economy crushed by the widespread lockdowns, but there’s one thing they probably won’t do: negative interest rate, says Navneet Damani, VP, Motilal Oswal. Japan is also considering to ease the state of emergency if the virus infection is under control. Gold prices hit a low of 38,400 per 10 grams on March 16, 2020, while silver futures touched Rs 33,580 per kg level. “Broader trends on COMEX could be in the range of $1690-1730 and on domestic front prices could hover in the range of Rs 45,450-46,180,” Navneet Damani added.

Globally, spot gold was unchanged at $1,695.75 per ounce. US gold futures fell 0.2 per cent to $1,695.40. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.05 per cent to 1,081.07 tonnes on Monday. Palladium slipped 0.4 per cent to $1,887.51 per ounce. Among other precious metals, silver fell 1.2 per cent to $15.36, while platinum climbed 0.3 per cent to $758.98.

On the domestic equity front, indices were trading with losses on Tuesday. BSE Sensex was trading at 31,074.07, down 487.15 or 1.54 per cent. While the broader Nifty 50 index was testing 9,100 level

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