Gold price today: Yellow metal jumps, sets new record of Rs 45,724
Gold price in India surged more than 3 percent in futures market on April 7. It has thereby created a brand new record! Big concerns about the economic fallout of coronavirus pandemic on the global economy continues to fuel demand for safe-haven investments.
Gold price in India surged more than 3 percent in futures market on April 7. It has thereby created a brand new record! Big concerns about the economic fallout of coronavirus pandemic on the global economy continues to fuel demand for safe-haven investments. On the Multi Commodity Exchange (MCX), June gold contracts were trading at Rs 45,724 per 10 gram. Silver futures gained 5 percent to Rs 43,308 per kg.
In global markets, spot gold rates were down 0.2% at $1,657.67 per ounce after rising to a four-week high earlier in the session. A stronger dollar, which makes purchases costlier for holders of other currencies, weighed on the metal.
On Friday, the gold prices in India had surged 1.1% to Rs 43,720 per 10 gram in futures market. Commodity derivatives markets were closed on Monday in India due to a holiday.
Meanwhile, the key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex surging over 1,300 points in early trade. The gains on the Indian stock markets were in line with the Asian indices which rose on signs that the rate of coronavirus-related deaths globally is dropping.
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During the early trade, Sensex had surged 1,372 points to touch an intra-day high of 28,963.25. The Nifty50 on the National Stock Exchange were trading at 8,384.15, higher by 300.35 points or 3.72 per cent from its previous close.
The number of coronavirus cases in India are on the rise. Over the last 24 hours, 354 new COVID-19 cases were reported, taking the overall number to 4,421, the latest data from Health Ministry confirms. The number of deaths in the country have also risen to 114. A total of 325 patients have been cured of the virus or discharged. The highest number of cases have been reported from Maharashtra.
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