Gold price extends fall for fourth straight day, but ends week with marginal gains

Gold prices continued to fall on profit-booking for the fourth consecutive day on February 28. to close at Rs 42,524 per 10 gram in the Mumbai bullion market.

The rate of 10 grams 22-carat gold in Mumbai was Rs 38,952 plus 3 percent GST, while 24-carat 10 gram was Rs 42,524 plus GST. The 18-carat gold quoted at Rs 31,893 plus GST in the retail market.

According to Navneet Damani, Vice President - Motilal Oswal, the broader trend on Comex could be $1,600-1,670 and on the domestic front, prices could hover in the range of Rs 41,800-42,950.

Damani noted that gold prices edged higher in yesterday’s session as worries intensified that the rapidly-spreading coronavirus could turn into a pandemic and derail global economic growth. The nervousness caused global share prices to post the worst week since the 2008 financial crisis with US bond yields slipping below 1.3 levels.

 

 

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Gold gains as rapid spread of coronavirus spurs safe-haven demand

Gold rate rose on Thursday as fears of a pandemic heightened after coronavirus infections surged in Italy and Iran, triggering a move away from riskier assets.

The number of new infections inside China - the source of the outbreak - was for the first time overtaken by fresh cases elsewhere on Wednesday, with Italy and Iran emerging as epicentres of the rapidly spreading illness.

Italy has reported more than 400 cases and Iran has reported only 139 cases, but epidemiologist say the true number of cases must be many times higher.

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Gold jumps to 7-year high on fears virus will hit global growth

Gold rose 1% on Friday to its highest in seven years as the spread of the coronavirus intensified concerns about its impact on economic activity and global growth, increasing the metal's safe-haven appeal.

Spot gold rose 1.1% to $1,636.60 per ounce as of 1256 GMT, after hitting its highest since Feb.14, 2013 at $1,636.66 earlier this session. U.S. gold futures jumped 1.2% to $1,639.60.

Bullion has risen 3.3% so far this week, on track for its best week since early August.

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Gold hovers near life-highs as investors move to safe havens

Gold and silver gained on Thursday as investors moved to safe havens on worries over rising crude oil prices and the impact of coronavirus making riskier assets unattractive.

Brent crude futures were up 45 cents, or 0.8 per cent, to $59.57 a barrel. The international benchmark rose 2.4 per cent on Wednesday. A dearer oil can hurt India’s fiscal maths as the country is heavily dependent on imports to meet its petroleum needs.

Gold futures were up 0.31 per cent to Rs 41,714 per 10 grams, trading close to life highs. Silver futures were up 0.59 per cent to Rs 47,850 per kg.

Brokerage SMC Global said bullion counters can trade on a volatile path. Gold can move towards Rs 41,900 while taking support near Rs 41,600, while silver can improve towards Rs 48,300 while taking support near Rs 47,500, it added.

Gold prices fell slightly on Thursday, after hitting their highest since March 2013 in the previous session, as Chinese stimulus measures to cushion the economic impact of the coronavirus outbreak stoked investors to opt for riskier assets.


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