Gold prices today rise amid escalating Sino-US tensions, virus threat

NEW DELHI: Gold prices gained on Friday as escalation of hostilities between the US and China pressured investors to hunt refuge within the secure haven counter. A pointy improve in Covid-19 circumstances additionally triggered the investor’s migration to gold. Meanwhile, silver eased within the home markets.

India has reported 1.18 lakh circumstances of the lethal virus with practically 3,600 fatalities. The nation is witnessing the quickest charge of improve in circumstances in Asia now.

Gold futures have been up 0.22 per cent or Rs 102 at Rs 46,490 per 10 grams. Silver futures dropped 0.34 per cent or Rs 160 to Rs 47,175 per kg.

Spot gold markets remained shut because of lockdown within the nation to examine the unfold of coronavirus, in keeping with HDFC Securities.

Globally, gold steadied as an escalation within the US-China tensions underpinned bullion’s safe-haven attraction, though constructive financial information and easing lockdowns in some international locations arrange the valuable metallic for a weekly drop.

Spot gold was buying and selling at $1,727.39 per ounce by 0248 GMT, having dropped 1.four per cent on Thursday. US gold futures rose 0.Three per cent to $1,726.50.

Bullion had rallied to its highest since October 2012 on Monday, however has since misplaced floor and is now heading for a 0.eight per cent weekly decline.

Gold has held floor above the important thing $1,700 per ounce stage, constructing impetus to achieve its 2011 peak within the coming quarters, Fitch Solutions stated in a word.

The lower-for-longer rates of interest with quantitative easing in full swing, macro and geopolitical uncertainty and powerful investor flows ought to proceed to help gold costs on a 6-12 month horizon, Fitch added.

Palladium gained 1.2 per cent to $2,037.40 per ounce, and was seeking to put up its finest week since end-March. Platinum fell 0.6 per cent to $827.62 and silver slid 1.5 per cent to $16.81.