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Gold rates today jump amid risk-off environment

Bullion counters jumped on Wednesday as a sharp rise in coronavirus cases in India and an extension in lockdown raised inventor worries who rushed to safe-haven counters.

With businesses shut in several cities in India amid rising threat of coronavirus, the economic situation remains precarious. The number of reported Covid cases were at 11,439, as per government data.

Gold futures were up 0.72 per cent or Rs 334 to Rs 46,620 per 10 grams. Silver futures gained 1.38 per cent or Rs 604 to Rs 44,360 per kg.

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

Globally, Gold prices fell on Wednesday as investors locked in profits after the metal rallied to a more than seven-year high in the previous session, but fears of a global recession due to the corona-virus pandemic limited losses.

Spot gold was trading down at 0.4 per cent to $1,720.90 per ounce by 0246 GMT, having jumped as much as 1.9 per cent to its highest since November 2012 at $1,746.50 on Tuesday. US gold futures fell 1.1 per cent to $1,749.90.

Courtesy - ET



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