Gold prices are facing a new high today as on MCX, April gold futures took a jump to 1.5% to ₹43,312 per 10 gram. Gold prices are facing a high surge from past one week and have surged about ₹1,800 per 10 gram.
The silver prices are not lacking behind and are also moving higher today. Silver futures on MCX rose 0.8% to ₹48,690 per kg.
The Rupee also fell to 71.89 against the US dollar today, tracking weakness in other Asian currencies. A depreciation in the rupee increases the landed cost of gold in India as the country imports most of its bullion requirements.
Gold can move towards ₹43,500 while taking support near ₹42,700 while silver can improve towards ₹49,000 while taking support near ₹48,000, SMC Global said in a note.
The increase in a number of new cases of coronavirus has hit stock markets around across the world, with Asian equities sharply lower today. South Korea, Italy and Iran have reported a sharp spike in infections, although the total number of cases outside China remains relatively small. Among other precious metals, silver rose 0.9% to $18.62 an ounce while palladium inched up 0.2% $2,709.01 per ounce. Platinum eased 0.1% $972.70.
