China after the outbreak of the coronavirus which took the death toll to above 1000 lives led uptick in the equities. Gold prices which were hitting high in previous session were now steady at global markets with at $1,570.98 per ounce. Among other precious metals, palladium remained unchanged at $2,353.00 an ounce while silver was flat at $17.75.
Gold and silver prices fall sharply in india after consistent hike since past four days. On MCX, gold prices fell sharply by 0.6% to 40,455 per 10 gram, their first decline in four days. Tracking gold, silver futures on MCX also declined 0.4% to 46,032 per kg. In past four sessions, gold prices had rallied about 700 per 10 gram. A firmer rupee pushes down the imported cost of gold in India. Domestic prices include 12.5% import duty and 3% GST. Today rupee jumped to 71.23 against the US dollar.
The metal touched its highest since Feb. 4 at $1,576.76 on Monday. US gold futures fell 0.3 per cent to $1,574.60
The Asians equities hit higher on tuesday after US stocks hit a record peak overnight, as investors assessed how quickly China’s factories could return to work as the coronavirus continues to spread and deaths mount.
The development lender’s president, David Malpass, said on Monday that the world bank is giving technical assistance to china to battle against the contagious disease but with no new loans.
China;s hubei province the epicenter of the outbreak of cornovirus disease recorded 2097 new cases and 103 deaths on February 10. Local health authority reported.
More than 300 chinese firms are seeking loans from banks totalling at least 57.4 billion yuan ($8.2 billion) to soften the impact of the coronavirus, two banking sources said.
Due to the rising tension from coronavirus , the investors were pushed to safe harbourers as the US dollar and the Japanese yen and US treasuries are in demand.