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Gold jumps INR 773 on safe-haven appeal

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By PTI Updated: Mar 06, 2020 10:34 pm
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New Delhi, March 6 (PTI): Gold on Friday jumped INR 773 to INR 45,343 per 10 gram in the national capital as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal.

In the previous trade, the precious metal had closed at INR 44,570 per 10 gram, according to HDFC Securities.

Silver prices also rose by INR 192 to INR 48,180 per kg as compared to the previous close of INR 47,988 per kg.

“Spot gold of 24 karat in Delhi rallied by INR 773 with spot prices crossing INR 45,300. The spot rupee was trading around 23 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee plunged 65 paise to 73.99 against the US currency in opening trade on Friday.

Navneet Damani, vice-president (commodities research), Motilal Oswal Financial Services, said, “Gold prices rallied as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal. Cases outside China are continuously on the rise, death toll and affected people cases are increasing at the fastest pace in the US, India, South Korea, Iran and few others.” PTI SUM

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By PTI Updated: Mar 06, 2020 10:34:43 pm