On the back of coronavirus continuing threat that has again seen a rise in death toll on account of it, appetite for riskier assets has yet again gone down and in turn seen a hike in gold price on the MCX by as much as Rs. 702, with a positive change of 1.72% at Rs. 41,548 per 10gm. Also, silver was at a higher side too with a surge of 2.41% or Rs. 1110 at Rs. 47,233 per kg.
Global gold price scale to over 1-month high
Globally, gold prices climbed by as much as 1% as a release by Apple Inc. on not meeting its revenue guidance for the March quarter due to production not picking up pace on account of a decline in demand from coronavirus impact-hit Chinese markets, also investors to flock to less riskier assets. Spot gold was up 1% at $1,595.97 per ounce by 10:32 a.m, its highest since Jan. 8.
U.S. gold futures climbed 0.8% to $1,599.20 an ounce.
Also, the move pushed the US central bank to lap up the bullion.
Dollar index at 4-month high curbs further gains in gold price
Even as the dollar index climbed to an over 4-month peak levels due to its safe haven appeal, gold continues its trend from sideways to higher.
Spot market rates in India
Back home, in the spot market, 22K and 24 K gold is priced at Rs. 39,950 and Rs. 41,150 per 10 gm.