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12.05.2020 Commodity News

Gold, Silver Prices Gain Today Amid Rising Covid-19 Cases

Gold, Silver Prices Gain Today Amid Rising Covid-19 Cases
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Gold and silver prices gained on Tuesday amid rising Covid-19 patient count, especially in hotspots like Mumbai. A second wave of infections in other countries also increased worries of the investors making them flee from riskier assets.

Businesses and citizens in less affected areas in India are enjoying relatively more freedom in movement. Meanwhile, the total number of Covid cases rose sharply to close to 70,000.

Gold futures were up 0.30 per cent or Rs 139 at Rs 45,920 per 10 grams. Silver futures gained 0.22 per cent or Rs 95 to Rs 43,325 per kg.

Spot gold markets remained shut due to lockdown in the country to check the spread of Covid-19, according to HDFC Securities.

Globally, gold prices were steady in early Asian trade on Tuesday after two straight sessions of falls, as a stronger dollar countered fears of a new wave of coronavirus infections in many countries.

Spot gold was unchanged at $1,695.75 per ounce by 0038 GMT. U.S. gold futures eased 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 and silver fell 1.2 per cent to $15.36, while platinum climbed 0.3 per cent to $758.98.

Source: ET Markets

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