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Coronavirus fear: Gold logs all-time high of Rs 43,590
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SME Times News Bureau | 25 Feb, 2020
Supported by weakening rupee and uncertainty owing to the fast
spreading coronavirus, prices of safe haven assets like gold and silver
rose sharply on Monday. Gold prices logged a life-time high of Rs 43,590
per 10 grams, jumping over Rs 1,800 in a single session.
This
comes on the back of rise in Coronavirus cases outside China, the
epicentre of the outbreak. Italy saw virus cases jumping exponentially
from three on Friday morning to more than 150 by Sunday.
Italy
declared a lockdown in at least 10 cities applying to nearly 50,000
people -- the first-ever in Europe -- in an effort to contain the
biggest outbreak of the virus outside Asia.
In the futures
market, gold logged a life-time high of Rs 43,788 per 10 grams on
Monday. At MCX, the April expiry contract of the yellow metal traded at
Rs 43,500 per 10 grams, up Rs 834 from its previous close.
Gold
spot rallied to 7-year highs in the international spot platform while
India's domestic gold prices marched to all time highs. Bullion traded
firm on Monday on improved safe haven appetite on the back of spreading
coronavirus epidemic.
South Korea reported its seventh
coronavirus death and 161 new confirmed cases on Monday, bringing the
total number to 763, with health authorities vowing to contain the
spread of the virus in the southwestern city of Daegu where more than
half of the total cases were reported.
"Worries over coronavirus
return as new cases were confirmed in Europe, Iran and Korea. U.S. FOMC
meeting minutes signalled that Fed expected to keep a neutral stance on
monetary policy in the near term," a Geojit report said.
Upbeat
sentiments in prices likely to continue as the metals' safe haven demand
remain supported by increased geo-political tensions. More coronavirus
infected cases outside China and its potential negative impact on the
global economy will prompt investors to take refuge in safe assets like
gold, analysts said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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