Global Gold Price Rise To Its Highest In 7 Years; Experts Suggest Profit Booking

On Monday, global gold prices surged by more than 2% as coronavirus casted its impact on a highly severe note pushing investors to resort to yellow-metal which is deemed as a safe haven.

Global Gold Price Rise To Its Highest In 7 Years; Experts Suggest Profit Booking

Spot gold climbed to its highest since 2013 at $1,678.58 earlier in the session.

MCX gold rates

While back home, on the MCX gold at around 9:36 am were Rs. 43025.00,up Rs. 359 or 0.84%. Silver too rallied in line

to Rs 48561.00/kg, up Rs. 257 (+0.53%)

The virus which has its origin in Wuhan city of China has seen new cases in South Korea, Iran and Italy.

Gains in gold prices to be capped due to dollar index edging higher

Nonetheless dollar index rises as pandemic is feared and there is an impact seen on global equities as well as major Asian currencies.

Clarification on gold reserves in UP state

After there has been unearthed reports of fields with reserves of over 3000 tonnes of gold, the government has clarified about the type of gold discovery that has been revealed which pushed forth a high gush of social media activity.

In the spot market, gold of 24K and 22K is priced for Rs. 42820 and Rs. 41,620 per 10 gm in the national capital.

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