High Gold Prices and silver cross over higher in wake of Covid19 amid investor rush to safe-haven assets as the Covid-19 cases rose over 2,00,000 in India, making riskier assets like equities less lucrative high Gold Prices futures were up 3.44 percent or Rs 1,504 to Rs 45,226 per 10 grams at around 9.15 am. It scaled an all-time high of Rs 45,724 at the open.
Silver futures were up 5.37 percent or Rs 2,212 to Rs 43,435 per kg.
Hareesh V, Head Commodity research at Geojit Financial Services said gold will continue with a bullish outlook as large-scale quantitative easing programs from various central banks are likely to boost prices.“Investor demand for safe havens amid ongoing fears of the global health crisis has lifted the demand of the commodity. However, a strong dollar and moderate physical demand may limit major gains or profits in the counter,” he said. Spot High gold prices in markets of India remained shut on Friday due to countrywide lockdown to prevent the spreading of coronavirus Globally, the High gold prices eased from a four-week high on Tuesday, as the US dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths. Spot High gold prices were down 0.2 percent at $1,657.67 per ounce, as of 0110 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8 percent on Monday. U.S. gold futures rose 1.7 percent to $1,723.Meanwhile, India’s gold imports plunged more than 73 percent year-on-year in March to their lowest in 6-1/2 years as record domestic High gold prices and a lockdown to curb the outbreak squeezed retail demand, a government source said on Monday. Palladium rose 0.8 percent to $2,172.53 per ounce, while platinum was steady at $735.2Silver edged up 0.1 percent to $14.99 an ounce, having touched a more than three-week high earlier in the session. This ultimately leads to high Gold prices in the coming days.
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