Gold, silver prices trade higher today as new coronavirus cases fall in China

By: |
February 19, 2020 11:25 AM

The gold April futures were trading flat to negative at Rs 41,410 per 10 grams, while the silver March futures were ruling at Rs 47,432 per kg, up Rs 229 or 0.48 per cent.

gold, silverMCX gold opened with a small downtick since it hit an all-time high yesterday evening at Rs 41,480. The sentiment is still positive

After the yellow metal hit an all-time high in the previous session, gold prices were trading higher on Wednesday following an uptick in equities as new coronavirus cases have fallen. “MCX gold opened with a small downtick since it hit an all-time high yesterday evening at Rs 41,480. The sentiment is still positive. SPDR Gold ETF has hit the highest since November 2016 and all gold-backed ETFs have seen all-time high inflows. China reported more than 2000 casualties and more than 75,000 are reported infected from coronavirus / COVID-19. The safe-haven buying was seen in the dollar index too but that had a little impact on the gold, “Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. The gold April futures were trading flat to negative at Rs 41,410 per 10 grams, while the silver March futures were ruling at Rs 47,432 per kg, up Rs 229 or 0.48 per cent.

“FOMCs minutes will hit the market after India market hours tonight around 00.30.00. Hence, traders might turn cautious ahead of the same. Since, MCX gold was up by more than 600 points yesterday, it might experience a minor pull back, but as said before, the sentiment is positive,” Jigar Trivedi said. Spot gold was little changed at $1,601.77 per ounce. In the previous session, bullion prices surged 1.3 per cent to their highest since January 8 at $1,605.10. US gold futures were up 0.1 per cent to $1,604.80. Silver was up 0.4 per cent to $18.24, having earlier touched a three-week peak at $18.26. Platinum also hit its highest in three weeks earlier in the session, at $1,001.67, and was up 0.8 per cent to $1,000.02, as per the Reuters news report.

On the domestic front, Sensex and Nifty were trading higher on Wednesday taking cues from their Asian peers. S&P BSE Sensex reclaimed 41,000 mark, to trade at 41,163.68, up 270 points or 0.66 per cent, while the broader Nifty 50 index was ruling at 12,073, up 80 points or 0.67 per cent.

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