Bullion counters gained in the opening trade on Thursday as investors rushed to safe haven counters following an increase in new coronavirus cases outside of China.
The number of new infections inside China - the source of the outbreak - was for the first time overtaken by fresh cases elsewhere on Wednesday, with Italy and Iran emerging as epicentres of the rapidly spreading illness. Italy has reported more than 400 cases and Iran has reported only 139 cases, but epidemiologists say the true number of cases must be many times higher. Gold futures gained 0.34 per cent or Rs 146 to Rs 42,650 per 10 grams while silver futures edged 0.61 per cent or Rs 282 to Rs 46,858 per kg. Gold prices on Wednesday declined by Rs 62 to Rs 43,502 per 10 gram in the national capital on stronger rupee, but worries over spreading coronavirus capped the downside, according to HDFC Securities. Silver prices tumbled by Rs 828 to Rs 48,146 per kg from Rs 48,974 per kg. Globally, gold prices rose as fears of a pandemic heightened after coronavirus infections surged in Italy and Iran, triggering a move away from riskier assets. Spot gold gained 0.3 per cent to $1,644.11 per ounce. US gold futures was up 0.2 per cent at $1,646. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5 per cent to 935.70 tonnes on Wednesday. Palladium rose 1.4 per cent to $2,829.12 per ounce, while platinum inched up 0.2 per cent to $912.44, having touched its lowest level since December earlier this session. Silver edged up 0.3 per cent to $17.93 an ounce, after having touched a one-week low in the previous session. Courtesy - ETMarkets.com