On Thursday, gold futures surged as India entered the sixteenth day of a nationwide lockdown to curb the spread of coronavirus.
The MCX gold futures rose as much as 0.86 per cent - or Rs 386 per 10 grams - to touch Rs 45,327 per 10 grams. According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold stood at Rs 45,201 per 10 grams and silver at Rs 42,320 per kilogram.
Spot gold markets remained shut on Thursday due to the lockdown to prevent spread of COVID-19, while the precious metal traded higher in international market. In the international market, gold was trading with gains at USD 1,660 per ounce and silver at USD 15.15 per ounce. It has risen more than 2.6 per cent this week. Spot gold was last seen trading up 0.9 per cent at $1,660.38 per ounce, having hit a four-week high of $1,671.40 on Tuesday. It has risen more than 2.6 per cent this week. Most markets will be closed for Good Friday on April 10.
On Thursday, the Indian Chamber of Commerce said in a statement that gems and jewellery industry, which contributes 7 per cent to the GDP, has come to a complete standstill and the demand is expected to fall by 30 per cent mainly driven by the nationwide lockdown imposed to curtail the spread of new coronavirus.
(Inputs from PTI)
