Gold Price In India Surges As Coronavirus Cases Cross 60,000, Death Toll Rises

On Thursday, gold prices rose as investors across the globe were choosing the yellow metal over equities amid sharp rise in infections and death toll from Coronavirus.

Gold futures on MCX surged by nearly 0.5 percent to Rs 40,668 per 10 grams. Silver futures were up by 0.7 percent to Rs 45,810/kg.

In the international market, spot gold was up by 0.4 percent to $1,571.23 an ounce.

The Hubei province in China reported a record rise in the death toll on Thursday. 242 new deaths and 14,840 new confirmed cases were reported in one day after officials said that they have adopted for a new methodology for counting infections.

The total number of reported deaths worldwide has now reached 1,357 and the number of confirmed cases over 60,000.

Health experts warned that the epidemic could get far worse before it is brought under control.

Stock markets in Asia were trading lower following the death toll report. In India, BSE's Sensex and NSE's Nifty 50 opened flat but declined in the morning session.

On Wednesday, US Federal Reserve Chair Jerome Powell maintained his confidence on the American economic outlook but said he expected some drag "soon" from virus epidemic.

SMC Global said in a note that gold can move towards Rs 40,750 while taking support near Rs 40,400 and silver can improve towards Rs 46,000 while taking support near Rs 45,500.