Gold price in India has now risen to a new high today, it has now extended its record-setting run and has marked the third consecutive day in a row. On Multi Commodity Exchange, April gold futures rose as much as 0.5% to ₹42,492 per 10 gram, before giving up some gains. Domestic gold prices tracked gains in global rates which are all about around seven-year highs. Silver rates have now tracked lower today with March futures on MCX to ₹48,599 per kg.
Gold prices rise Rs 111 to Rs 42,492 per 10 gram in Delhi; silver down Rs 67 at Rs 48,599 per kg.
— Press Trust of India (@PTI_News) February 20, 2020
Earlier on MCX, April gold futures rose as much as 0.5% to ₹41,798 per 10 gram and Silver rates also tracked higher with March futures on MCX rising 0.54% to ₹47,825 per kg. But now according to the latest update Gold prices hs yet again risen to Rs 111 to Rs 42,492 per 10 gram in Delhi; silver down Rs 67 at Rs 48,599 per kg.
Due to Coronavirus, the gold market is facing an impact and Gold is up about 6% this year in global markets amid the high raising concerns over the effects of the virus.
China’s central bank had earlier said that it would offer a $43 billion boost to help businesses involved in fighting the epidemic. As of today, China announced that it would cut interest rates in a bid to boost the economy which has been battered by the economic fallout of the coronavirus outbreak.