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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