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Gold prices rise amid fresh coronavirus cases

Rupa Burman Roy     March 3, 2020

Gold prices gained further on Tuesday after an Italian origin person was showing symptoms of coronavirus and was kept under observation in Jaipur. This comes after two fresh Covid-19 cases were reported in Delhi and Telangana on Monday.

Further six more suspected virus cases have been suspected in Agra, who have been quarantined today. Health officials across the globe have urged to be on high alert about the outbreak of COVID-19 to India, that has a population similar in size to that of China.

Internationally, spot gold gained momentum for the second straight session on Tuesday over efforts taken by governments and central banks globally, in a move to cushion the economic fallout from the fast-spreading coronavirus outbreak.

Over global monetary stimulus, Spot gold climbed 0.5% to $1,597.66 per ounce, after a 0.4% gain on Monday. US gold futures advanced 0.3% to $1,599.10.

Tracking yesterday's rally, Gold Futures on MCX rose Rs 217 points or 0.52% to Rs 42,173 per 10 gm. Earlier, the precious metal made a high of 42,290 per 10 gm, rising Rs 335 against the opening of 41,956 today.

Yesterday, gold prices rose Rs 783 to the day's high of Rs 42,180 and rallied Rs 589 higher by the closing.

In retail market, gold price for 24 karats in Delhi, gained ground on geopolitical tensions and spiked to a record Rs 43,400 per 10 gm.

The impact of the deadly coronavirus outbreak has been substantial on the global markets in recent weeks, that has taken 3,056 lives and infected 89,527 people globally in 67 countries.

Global markets rose for the second consecutive day over expectations grew for monetary policy easing by major central banks.

Gold price gains Rs 783 per 10 gm after 2 Coronavirus cases reported in Delhi, Telangana

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