Gold prices were trading higher on Monday tracking international markets, plunge in oil and equities and rise in safe-haven demand as confirmed cases of coronavirus rose. Gold April futures were trading Rs 140 or 0.32 per cent higher at Rs 44,298 per 10 grams, while silver May futures were trading nearly 2 per cent or Rs 904 lower at Rs 46,065 per kg on MCX. “On the back of sell off in the global equity market coupled with increasing cases in coronavirus and emergencies declared in the major countries, gold is getting support and rising today. Safe haven demand is supporting the gold. We recommend buy in MCX gold at 44200 with a stop loss of 43900 and for the target of 44700,” Anuj Gupta, Deputy vice president – Research, Angel Broking Ltd said. In the previous session, the yellow metal hit an all-time high of Rs 44,505 per 10 grams on MCX.
Gold prices jumped past the $1,700 per ounce level for the first time since late 2012 on Monday, as a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens, Reuters reported. Spot gold rose 1.5 per cent to $1,699.20 per ounce, having touched its highest since December 2012 at $1,702.45 earlier in the session.
Back home, Sensex and Nifty were trading at their 52-week low levels following weak global cues and rise in confirmed cases of coronavirus in India. S&P BSE Sensex was trading 1,618 points or 4.31 points lower at 35,958 points. While, the broader Nifty 50 index too hit 52-week lows on Monday to trade at 10,571.80 points.
Crude oil prices plunged over 25 per cent on Monday, falling the most since 1991 after Saudi Arabia slashed prices and set plans for a big increase in crude production in April, Reuters reported. Brent crude futures fell by as much as $14.25, or 31.5 per cent, to $31.02 a barrel. US West Texas Intermediate (WTI) crude fell by as much as $11.28, or 27.4 per cent, to $30 a barrel.