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There was an increase in the price of Gold in India after the crashing of prices due to the corona virus outbreak. Though the increased prices are significantly lower than the recent highs it had reached. The metal is still down as it had reached a peak value of about ₹45,000, and now it is still down for about ₹5,000 per 10 gram. The gains by the gold futures were 2% to ₹35,870 on MCX, on the gain of another 2% in the previous session.
There was a pullback of the rupee in the market which have resulted in the capping of the gold’s gains in the domestic market today. The rupee which was close to ₹74.99 as compared to today has rose to 74.81 per US dollar. Spot gold is down 3% for the week but 1% to $1,484. Silver and platinum both gained 0.4% to $12.16 and 1.6% to $595.69 respectively.
The investors begin to sell assets to gain cash due to the corona virus outbreak. The gold prices saw an edge of rise after a sharp fall that took place in the past few days in the global market due to the corona virus outbreak.
There was a termination in the rallies by the US dollar’s against other countries and their currencies and higher Asian equities is resulted in the growth of prices pf gold today. Further support to the rise of gold prices will be guided by the monetary-easing measures announced by many global central banks as reported by the analysts.
Even though the prices of gold are low compared to the other peak prices, physical buying of jewellery is not much taking place in the country due to the stores being closed or having fewer footfalls amid fear of the coronavirus spread. The Government has put a ban on people gathering in crowds and the malls, stores have been shut down for a few days as per the reports.