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Gold recovers on safe haven demand
With the Covid-19 spreading to more countries and assuming alarming proportions, people all over the world are panic over the epidemic.
Hyderabad : With the Covid-19 spreading to more countries and assuming alarming proportions, people all over the world are panic over the epidemic.
However, orthodox religious groups still find it difficult to swallow the scientific logic behind the wide spread of the epidemic and continue to be in fool's paradise.
Gold remained sluggish till March 19. However, it showed an upswing on March 20 and 21 and finally closed at $1,497.64 (per ounce), while silver, followed suit and closed at $12.58 (per ounce). Platinum and palladium also marched forward and closed at $613.96 (per ounce) and $1,712(per ounce) respectively.
Other economic parameters continued their journey southward. Brent closed at $ 27.21 (per barrel), while Crude MCX oil was quoted at Rs1,938 (per barrel).
While Gold MCX decreased and stood at Rs40,358 (per 10 gms) even MCX Silver has also seen a decrease and closed at Rs35,843 (per kg). Sensex and Nifty-50 closed at 29,915.96 points and 8,745.45 points respectively.
Leading foreign currency exchange rates were: $: Rs.75.62, British Pound: Rs. 88.10, Euro: Rs. 81.40, Singapore $: Rs52.61, Swiss Franc: Rs76.68, Australian $: Rs.43.81, Saudi Riyal : Rs20.12, New Zealand Dollar: 43.08, Kuwaiti Dinar : Rs.244.01, Omani Rial : Rs197.18 and UAEDirham: Rs20.59.
At home, the trading continued to be dull. However, following the global trend, both the precious metals surged ahead.
Standard gold (24 carats declined by Rs460 and closed at Rs41,670 (per 10 gms). Ornamental gold too, moved in tandem and was quoted in the range of Rs39,610 - 39,710 on the closing day. Similarly, Silver (0.999) depreciated by Rs4,500 and closed at Rs35,900 (per kg).
