Gold and silver prices in India are seeing a high traction on safe haven flight. Gold prices on the MCX hit a new record high of Rs. 49963 per 10 gm, while Silver again rocketed in price by a huge 5% to Rs. 60782 per kg. This is in line with global rates.
In the international markets, gold zooms to 9-year high on weaker dollar as well as stimulus measures globally to combat the fall out due to coronavirus pandemic. Gold was up 0.1% at $1,843.09 per ounce by 0034 GMT, after hitting its highest in nearly nine years at $1,847.30 in early Asian trade. U.S. gold futures rose 0.1% to $1,845.90.
Internationally silver surged by a record 5.4% to $22.48 per ounce while palladium and platinum also climbed 0.4% and 0.1%, respectively.The dollar index traded near an over 4-month high.
At the White House Donald Trump, the US President remarked that condition of coronavirus would get only worse before it gets any better.
Also, there is a relief being considered amid the pandemic extending unemployment benefit as well as more money for schools.
Japan's economy showing signs of weakness in the economy for the third straight quarter. As else in the European Union, a stimulus package will be released to combat the pandemic.
Investors flock to safe haven assets
Negative interest rates in the economy drive the appeal of safe haven metals
Resurgence in virus cases
Slow economic growth