Gold rate gains on fast rising coronavirus cases, US-China tension

0
36

Gold and silver gained on Monday amid fast rising Covid-19 cases and escalating trade tensions between the US and China. Poor economic data from the US and Japan also helped the precious metals.

The US-China “Phase 1” trade deal reached in January is not falling apart and the two countries are still working to implement it, the White House’s top economic adviser said on Friday, but President Donald Trump added that he was not “thrilled” with the agreement.

Gold futures were up 0.58 per cent or Rs 275 at Rs 47,656 per 10 grams. Silver futures gained 2.88 per cent or Rs 1347 to Rs 48,065 per kg.

Spot gold markets remained shut due to lockdown in the country to check the spread of coronavirus, according to HDFC Securities.

Globally, gold rose on Monday to its highest since October 2012 as worries regarding the souring US-China relations and bleak US economic data underpinned the safe-haven metal.

Spot gold was up 0.9 per cent at $1,756.79 per ounce by 0043 GMT, after rising to its highest since Oct. 12, 2012 at $1,759.98. US gold futures gained 0.5 per cent to $1,765.70.

Physical gold demand was tepid in most Asian centres last week with retail buying yet to see any significant recovery even as top hubs India and China eased some coronavirus-driven restrictions.

SPDR Gold Trust holdings, the world’s largest gold-backed exchange-traded fund, rose 0.8 per cent to 1,113.78 tonnes on Friday.

Palladium slipped 0.5 per cent to $1,892.25 per ounce. Platinum gained 0.7 per cent to $803.19, while silver rose 2 per cent to $16.96.

Source: ET Markets

LEAVE A REPLY

Please enter your comment!
Please enter your name here