The gold prices have been steady in India at Rs 41,380 per 10g of 24 karats of yellow metal on Friday. A volatile behaviour of the market was expected had the World Health Organisation (WHO) declared a “global emergency” over the outbreak of Coronavirus in China. With the WHO refraining from making such a declaration, the gold prices remained steady across the world.
The gold market has shown signs of extremely volatile dynamism over the past month, particularly after the United States and Iran were going head-on declaring war.
Tensions were created between both the sides, the purchase of yellow metal increased across the world as investors feared how the US dollar would weigh in the upcoming days.
With the situation comparatively de-escalating between Tehran and Washington, the gold market seemed to have resorted rather behaving normally. A steady rise has been seen over the past few days, barring the decline on Wednesday, which has kept the precious metal hovering around Rs 40,000-mark.
The Coronavirus outbreak in China is considered as the next major test for the gold market.
Rates are expected to dive into extremities if the SARS-like virus turns into an epidemic.
A total of 26 deaths have been recorded so far, with the maximum casualties, 17, in China’s Hubei province. Victims have also lost their lives in the United States, Japan, Macau, Taiwan, and South Korea.