This is a boon for investors holding gold exchange-traded funds and sovereign gold bonds
Silver quoting at a premium following scarcity: Crude oil, metals jump
In the international market, both the metals were trading with hefty gains, with gold quoting higher at $1,514 per ounce and silver at $12.96 per ounce.
Metal prices declined between 3 per cent and 6 per cent on the Multi Commodity Exchange (MCX), toeing global move as selling pressure
The metal fell about 3% on Wednesday along with other precious metals, as investors sold across assets to hoard cash.
The gold to silver price ratio was trading above 121, a lifetime high, indicating extreme weakness in silver
Base and precious metals fell on Multi Commodity Exchange (MCX) futures. The fall in metals was a little sharper on the London Metal Exchange (LME)
Virus has led to checking being shifted from baggage to passengers
The dollar rose over 1% against rivals, making gold more expensive for holders of other currencies.
Even as the number of new coronavirus cases in China slowed, new research suggesting the virus was more contagious than previously thought added to the alarm
The dollar fell from a more than two-week high and stock markets plunged after the Fed cut rates for the second time this year
The yellow metal had closed at Rs 44,503 per 10 gram in the previous trading session
Retail buyers stay away despite price fall; Silver sheds 5%
The price of silver, too, jumped to ~46,165 a kg on Monday
The precious metal had closed at Rs 43,435 per 10 gram in the previous trading session
On Tuesday, the precious metal had closed at Rs 43,228 per 10 gram. Silver prices also jumped Rs 1,198 to Rs 47,729 per kg from Rs 46,531 per kg in the previous trade.
Customers are not buying gold though prices are now falling
Silver gained 0.2% to $17.01 per ounce, while platinum rose 1.3% to $873.58
This ratio suggests how many ounces of silver can be bought with one ounce of gold
But the market is subdued with consumers making ony need-based purchases, such as for marriages