Gold rates have seen a minor surge in the market today as it has been increased by Rs 10 at all metropolitan cities on April 6. The gold rates in Delhi increased by Rs 10 per 10 gram of 22 carats, thus now the price of gold is priced at Rs 41,960 and the rate of 10 grams of 24 carats also took a hike of Rs 10 and it is now priced at Rs 44,260.
The price of Silver also took a spike by Rs 10 and it is now priced at Rs 40,360 across the country.
The impact of coronavirus raises concerns of a global recession and the stimulus measures should be bullish for gold, Bonanza Portfolio said in a note.
The recent price correction in gold also helped in stimulating investment demand in the precious metal.
Many central banks have announced various measures to mitigate the damage of the coronavirus outbreak, with Australia’s central bank proposing to buy $2.35 billion in government bonds, while Germany agreed for a package worth up to $808 billion.