Gold prices in India moved higher, tracking gains in global markets. On MCX, February gold futures ended 0.2% higher at ₹40,355 per 10 gram on Friday, recovering from intra-day lows of ₹39,951. Silver futures on MCX posted strong gains, rising 1.2% to ₹46,970 per kg. In global markets, gold capped a strong week as fears about the coronavirus prompted a flight into safe-haven assets. Gold rose 1% for the week, ending at $1,571 per ounce.
China's health authorities on Sunday said the coronavirus transmission ability is getting stronger and infections could continue to rise. Globally, more than 2,000 people have been infected and 56 in China killed by the disease.
The ongoing virus threat continues to support gold’s safe haven demand, said Hareesh V, head of commodity research at Geojit Financial Services.
The US has confirmed a second case of the coronavirus in the country, denting appetite for riskier assets.
Analysts say that further developments surrounding the outbreak will be key drivers for gold next week.
Investors are now focusing on the US Fed’s first meet on 2020 on 28th and 29th January, said Jigar Trivedi, research analyst at Anand Rathi Shares & Stock Brokers.
Earlier this week, the European Central Bank left rates unchanged, keeping with a global trend of accommodative monetary policy.
Gold is highly sensitive to any reduction in interest rates, which decreases the opportunity cost of holding non-yielding bullion.
Indicative of the investment demand for gold, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2% to 900.58 tonnes on Thursday. (With Agency Inputs)
2020-01-26 09:07:41Z
https://www.livemint.com/market/commodities/gold-prices-today-rise-for-second-day-in-a-row-silver-rates-surge-11580028245557.html
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