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Gold price recovers on hopes of economic revival amid coronavirus scare

The virus outbreak has now reached almost 100 countries, causing around 4,379 deaths, with the number of infected cases rising to 121,312 today. Of this, 66,909have been recovered globally.

Rupa Burman Roy | March 11, 2020 | Updated 18:29 IST
Gold price recovers on hopes of economic revival amid coronavirus scare
The reported number of infected cases from coronavirus in India has risen to 63 on Wednesday

Gold price in India fell today, in line with international rates on hopes of global economic stimulus efforts to cushion the economic impact of the coronavirus that continued to spread rapidly.

On the Multi Commodity Exchange, Gold April 2020 Futures fell by Rs 235 or 0.5% to the day's low of Rs 43,504 per 10 gm. Later, the yellow metal recovered from early fall and traded Rs 30 or 0.07% lower at Rs 43,710 per 10 gm against the opening price of Rs 43,740. On a similar note, Silver March contract also eased by Rs 102 to Rs 46,020 per kg.

Internationally, spot gold fell over $19 lower to $1,647.20 per ounce. During the day, spot gold hit a high of $1,686.20 per ounce against the previous settlement of $1,666.40.

Retail gold prices for 24 karats in Delhi today traded around Rs 44,700 per 10 gm.

In the meanwhile, the local currency rupee recovered from lows and ended at day's high of Rs 73.63 per US dollar against the last closing value of Rs 74.11.

On Wednesday, equity markets worldwide registered a pullback of major lows as investors turned optimistic. This was on the back of an announcement by Trump administration to implement stimulus measures to counter the economic impact from the coronavirus. Further, Bank of England also announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak.

BOE Governor Mark Carney added that coronavirus will cause 'an economic shock that could prove large and sharp, but should be temporary'.

Besides the outbreak in China, the Covid-19 infection cases have risen drastically outside china, hurting major economies and disrupting supply chains.

It has now reached almost 100 countries, causing around 4,379 deaths, with the number of infected cases rising to 121,312 today. Of this, 66,909have been recovered globally. The reported number of infected cases from coronavirus in India has risen to 63 on Wednesday.

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