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Business News of Friday, 24 April 2020

Source: ET Markets

Gold prices today rally amid fast rising coronavirus cases


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Gold and silver extended their rally to Friday as fast rising coronavirus cases in India in spite of strict lockdown measures, expedited inventors’ rush to safety.

Total number of coronavirus patients in India have surpassed 23,000, according to the government data. Meanwhile, there is no concrete decision on economic stimulus that the government has promised, which is giving anxiety to investors.

Gold futures were up 0.17 per cent or Rs 78 to Rs 46,505 per 10 grams. Silver futures added 0.17 per cent or Rs 69 to Rs 41,875 per kg.

Spot gold markets remained shut due to the lockdown to prevent spread of COVID-19, according to HDFC Securities.

Globally, gold prices fell on Friday as the dollarNSE -3.24 % firmed, although they remained close to a more than one-week high scaled in the previous session following bleak economic data and a latest round of stimulus in the United States.

Spot gold declined 0.4 per cent to $1,724.04 per ounce, having risen as much as 1.5 per cent to a more-than one-week high of $1,738.58 on Thursday. US gold futures gained 0.1 per cent to $1,747.80. The metal’s weekly gain so far stood at 2.4 per cent.

Against key rivals, the US dollar was holding close to a more-than two-week high scaled in the previous session, while Asian equities faced a bumpy session on Friday.

Palladium fell 0.5 per cent to $1,970.18 per ounce

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