Gold prices gain 18% in less than two months as coronavirus cases spike, silver rates rise

gold price today

Gold prices rose today for the second straight day in a row on Thursday as investors rushed to safe-haven on poor macro data which hit investor sentiment. On MCX, gold June futures were trading higher at Rs 45,396 per 10 grams, while the silver July futures were ruling at Rs 41,880 per kg. “The rising dollar is putting pressure on gold prices but ahead of weekly initial jobless claims the sentiment still favours bulls. The investment demand too has continued to rise,” Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers, said. Currency markets are closed today on the occasion of Budh Purnima. “In the absence of domestic currency market, the yellow metal is poised to follow global cues for further direction,” Jigar Trivedi added.

Gold prices have gained over 18 per cent from their recent low of Rs 38,400 per 10 grams hit on March 16, 2020. While silver futures surged 25 per cent from its low of Rs 33,580 per kg touched in March. “Market participants will keep an eye on the BOE interest rate decision. Broader trends on COMEX could be in the range of $1675-1715 and on domestic front prices could hover in the range of Rs 45,050-45,850,” Navneet Damani, VP, Motilal Oswal, said.

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Globally, spot gold gained 0.4 per cent to $1,691.98 per ounce US gold futures rose 0.4 per cent $1,695.60. Palladium rose 0.5 per cent to $1,805.99 an ounce, platinum gained 0.7 per cent to $753.76 and silver was up 0.3 per cent at $14.97.Meanwhile, coronavirus cases in India are close to 53,000-mark with death toll approaching above 1,700, according to the government data. 

On the domestic equity front, BSE Sensex was trading at 31,459.87, down 225.88 points or 0.71 per cent. While Nifty 50 was ruling at 9,205, down 66 points or 0.71 per cent.

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