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Gold Jumps Rs. 250/ 10 gm After Sharp Decline Of Rs. 1200 In 2 Days
As corona virus fears mount and death toll in China touches 500, yellow-metal gold has again surged by over Rs. 250 or 0.68% on the MCX at Rs. 40248 per 10gm. In line silver is also trading higher by 0.84% or Rs. 382 at Rs. 45916 per kg.
In the previous two sessions, gold has dropped sharply by as much as Rs. 1200 per 10 gm.
Though gold has recovered lost ground, nonetheless risk appetite remained strong on China's prompt efforts in tackling the lethal coronavirus.
International spot gold prices surged 0.2% to $1555.41 per ounce. In the previous session, gold fell by 1.5%.
In India, gold imports in January were dragged to a 4-month low as record high prices dented demand for physical gold. Gold futures scaled to a record high of Rs. 41,293 per 10 gm and its price includes 12.5% import duty and 3% GST.
Analysts are of the view that lower demand of gold from India can weigh on the global gold prices.
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