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.
Silver futures were up 5.37 percent or Rs 2,212 to Rs 43,435 per kg.
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.
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.
Silver edged up 0.1 per cent to $14.99 an ounce, having touched a more than three-week high earlier in the session.
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