gold rate today: Gold prices today gain as rising Covid cases spur safe haven demand

gold rate today: Gold prices today gain as rising Covid cases spur safe haven demand


NEW DELHI: Gold and silver continued to advance in Wednesday’s session as fresh Covid-19 cases rocketed across the world raising safe haven appeal. However, the gains were capped by some profit booking by traders.

Total number of Covid-19 patients in India reached over 5.8 lakh while fatalities climbed above 17,400 levels. Fresh US coronavirus cases could more than double to 100,000 per day if the current surge spirals further out of control, the government’s top infectious disease expert warned on Tuesday.

Gold futures were up 0.07 per cent or Rs 32 at Rs 48,794 per 10 grams. Silver futures added 0.11 per cent or Rs 57 to Rs 50,421 per kg.

Gold in the national capital jumped Rs 119 to Rs 49,306 per 10 gram on Tuesday following rise in international prices of the precious metal, according to HDFC Securities.Silver also rose by Rs 1,408 to Rs 49,483 per kg.

Globally, gold prices edged higher on Wednesday, hovering near an eight-year high, as a spike in Covid-19 infections in the United States assuaged hopes of a swift economic rebound, pushing investors towards the safety of bullion.

Spot gold edged up 0.1 per cent at $1,782.21 per ounce by 0115 GMT, after hitting its highest since early October 2012 at $1,785.46 in the previous session. US gold futures eased 0.1 per cent to $1,799.30.

Asian stocks were set for a bumpy start to the second half of the year as optimism about a global economic recovery clashed with indications that the U.S. health crisis may not yet be past its peak.

Palladium fell 0.3 per cent to $1,925.05 per ounce, while platinum rose 0.7 per cent to $822.50 and silver gained 0.6 per cent at $18.24.





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