Fear of further disruption in economic activity owing to the jump in coronavirus related deaths drove the prices of safe haven assets like gold to a record high and pushed the oil prices and global equities lower on Monday. Gold prices on Monday jumped Rs 1,848 to close at record Rs 43,590 per 10 gram.
Gold's record breaking run continued on Monday as investors sought more and more safe haven assets over increased uncertainty due to soaring Coronavirus cases. According to prices given by the Indian Bullion and Jewellers Association, on February 24, the rate without GST for gold (purity-999) is Rs 43,590 while for gold with purity-995 is Rs 43,415. Silver prices gained Rs 1,430 to Rs 49,035 per kg from its closing on February 20.
Gold prices according to purity levels are as follows:
999 - Rs 43,590/-
995 - Rs 43,415/-
916 - Rs 39,928/-
750 - Rs 32,693/-
585 - Rs 25,500/-
On the Multi Commodity Exchange, gold contracts for April traded higher by Rs 401, or 0.94 per cent, to Rs 43,067 per 10 gram in a business turnover of 2,117 lots. The yellow metal for June delivery edged up by Rs 406, or 0.95 per cent, to Rs 43,269 per 10 gram in a business turnover of 125 lots.
Fresh positions built up by participants on positive cues from global markets mainly led to rise in gold prices, analysts said. Globally, gold prices rose 0.93 per cent to USD 1,664.20 per ounce in New York.
(Inputs from PTI)
