COVID19: Gold & Silver Rates Edge Higher As Investors Move Towards Safe-haven Assets

Economy

Amidst the soaring numbers of Coronavirus cases globally, which has had a drastic impact on markets worldwide, now Gold & silver rates have begun to edge higher

Written By Ananya Varma | Mumbai | Updated On:
COVID-19

Amidst the soaring numbers of Coronavirus cases globally, which has had a drastic impact on markets worldwide, now Gold and silver rates have begun to edge higher as investors try moving towards safe-haven assets. On Tuesday, the Gold futures were up by 0.27 percent to Rs 39,624 per 10 grams. Similarly, the Silver futures were up by 0.22 percent to Rs 36,287 per kg. 

Read: Sensex Jumps Nearly 500 Pts; Nifty Tops 9,300

The total number of positive cases in India stands at 125 at the time of publishing, as per the figures reported by the Union Health Ministry. There have been three deaths reported to date. India currently enters a crucial curve wherein the number of infections could multiply rapidly. During this period, investors seem to be moving towards a risk-off environment.  

Read: India Witnesses Third Coronavirus Death; 64-year-old Passes Away In Mumbai

On Monday as well, Gold prices had jumped by Rs 455 to Rs 41,610 per 10 gram in the national capital while silver prices, dropped by Rs 1,283 to Rs 40,304 per kg. Spot gold slipped 0.2 percent, while US gold futures rose 1.7 percent to $1,511.50.
Palladium rose by 2.5 percent after having plummeted terribly by as much as 18 percent in the previous session.

The Coronavirus outbreak

First detected in Wuhan in December 2019, COVID-19- the novel Coronavirus has affected nearly 148 countries in the world. Presently, there are around 182,609 confirmed cases of COVID-19 which has led to the death of around 7,171 people. As there is no vaccine or specific antiviral medicine to treat COVID-19 yet, countries have been grappling with all possible mechanisms to contain its scope. So far, China, South Korea, Italy, and Iran have witnessed the most number of confirmed cases of the Novel Coronavirus.

The maximum cases in India have been reported in Maharashtra (38) and Kerala (22). The Centre has “strongly advised” Indians to avoid all non-essential travel abroad. The government is also monitoring all suspected cases and has issued preventive advisories. Earlier on Saturday, the Central government decided to treat the deadly virus as a "notified disaster", and has since issued even more advisories and travel restrictions. 

Read: How The Coronavirus Is Upending American Politics

Read: TDP Responds To AP CM's 'Coronavirus Only Harms The Already Sick, Cured By Paracetamol'

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