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Gold prices today hit all-time high as investors rush to safety

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5 years ago

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Gold and silver leaped higher on Tuesday amid investor rush to safe-haven assets as the coronavirus cases rose over 4,000 in India, making riskier assets like equities less lucrative.

With businesses shut in several cities in India amid rising threat of coronavirus, there is a clear risk-off environment in the market. The number of active cases were at 4,412, as per the government data.

Gold futures were up 3.44 percent or Rs 1,504 to Rs 45,226 per 10 grams at around 9.15 am. It scaled an all-time high of Rs 45,724 at the open.

Silver futures were up 5.37 percent or Rs 2,212 to Rs 43,435 per kg.

Hareesh V, Head Commodity research at Geojit Financial Services said gold will continue with a bullish outlook as large-scale quantitative easing programs from various central banks are likely to boost prices.
“Investor demand for safe havens amid ongoing fears of the global health crisis have lifted the demand of the commodity. However, a strong dollar and moderate physical demand may limit major gains in the counter,” he added.
Spot gold markets in India remained shut on Friday due to countrywide lockdown to prevent spreading of Covid-19.

Globally, gold prices eased from a four-week high on Tuesday, as the US dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths.

Spot gold was down 0.2 per cent at $1,657.67 per ounce, as of 0110 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8 per cent on Monday. U.S. gold futures rose 1.7 per cent to $1,723.

Meanwhile, India’s gold imports plunged more than 73 per cent year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the outbreak squeezed retail demand, a government source said on Monday.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.54 per cent to 984.26 tonnes on Monday.

Palladium rose 0.8 per cent to $2,172.53 per ounce, while platinum was steady at $735.26.

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Silver edged up 0.1 per cent to $14.99 an ounce, having touched a more than three-week high earlier in the session.

Courtesy: EconomicTimes
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