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Gold prices today jump as rising Covid-19 cases dent hopes of quick recovery

Gold in the national capital rose on Friday by Rs 144 to Rs 48,334 per 10 gram in-line with gain in international prices of the precious metal, according to HDFC Securities.
Continue reading on Economic TimesNEW DELHI: Gold and silver prices jumped in the opening trade on Monday amid surging Covid-19 patient count across the world, putting a question mark over a quick recovery in economic conditions.

Total number of Covid-19 patients in India reached over 4.2 lakh while fatalities climbed above 13,700 levels. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period.

Gold futures were up 0.66 per cent or Rs 316 at Rs 48,253 per 10 grams. Silver futures shed 1.14 per cent or Rs 553 to Rs 49,189 per kg.

Gold in the national capital rose on Friday by Rs 144 to Rs 48,334 per 10 gram in-line with gain in international prices of the precious metal, according to HDFC Securities. Silver also gained Rs 150 to Rs 49,160 per kg.

Globally, gold jumped to its highest in more than a month on Monday as investors sought the safe-haven metal after surging coronavirus cases intensified concerns over a delay in global economic recovery.

Spot gold was up 0.7 per cent to $1,754.74 per ounce by 0225 GMT after hitting its highest since May 18. US gold futures rose 1.1 per cent to $1,771.40.

Meanwhile, two US Federal Reserve officials sounded increasing pessimism on the swiftness of any economic recovery from the virus and warned the unemployment rate could rise again if the disease is not brought under control.

Gold is often used as a safe store of value during times of political and financial uncertainty.

Indicative of sentiment, SPDR Gold Trust holdings rose 2 per cent to 1,159.31 tonnes on Friday, while speculators increased their bullish positions in COMEX gold and silver contracts in the week to June 16.

Elsewhere, silver climbed 1.7 per cent to $17.91 per ounce to its highest in more than a week. Palladium gained 0.2 per cent to $1,914.48, while platinum jumped 1.6 per cent to $818.18.

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