Gold, silver prices gain today, track weaker rupee amid coronavirus outbreak

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Published: February 18, 2020 11:47:27 AM

Gold April futures were trading Rs 179 or 0.44 per cent higher at Rs 40,935 per 10 grams, while silver March futures were ruling at Rs 46,348 per kg, up Rs 225 or 0.49 per cent on MCX.

Gold, SilverMCX gold has opened with more than 200 points gap up although the greenback has continued to rally

Gold prices were trading higher on Tuesday amid a rally in the greenback and a weaker rupee. Tech giant Apple Inc on Monday said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. “MCX gold has opened with more than 200 points gap up although the greenback has continued to rally. Weak rupee in the domestic market too has pushed the yellow metal up. Already it is a holiday-shortened week for India, the focus will shift to FOMCs minutes which will come on Thursday. For intraday sentiment is likely to be positive. MCX April contract Rs 41,000-41,100 is resistance & supports are near Rs 40,900-40,770,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said.

Gold April futures were trading Rs 179 or 0.44 per cent higher at Rs 40,935 per 10 grams, while silver March futures were ruling at Rs 46,348 per kg, up Rs 225 or 0.49 per cent on MCX. Globally, gold rose to a two-week high. Spot gold was up 0.4 per cent at $1,586.32 per ounce. Earlier in the session, prices touched their highest since February 3 at $1,586.90 as per Reuters news report.

Meanwhile, the death toll from the coronavirus in mainland China has risen by 98, even as its spread slowed with the number of new cases falling below 2,000 as of Monday. In commodities, oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak. Brent crude was at $57.30 a barrel, down 37 cents, or 0.6 per cent, while US West Texas Intermediate crude fell 15 cents, or 0.3 per cent, to $51.90 a barrel.

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