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.

Gold Jumps Rs. 250/ 10 gm After Sharp Decline Of Rs. 1200 In 2 Days

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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