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India Bullion: Rises as fresh coronavirus cases, death toll jump

Thursday, Feb 13

 

By Sayantan Sarkar

 

MUMBAI – Gold and silver contracts on both Multi Commodity Exchange of India and COMEX rose today as China reported a sharp jump in the number of fresh cases and the death toll from coronavirus in the country.

 

At 1755 IST, the April contract on MCX was at 40,609 rupees per 10 gm, up 0.3%, and the same-month contract on COMEX was at $1,577.25 an ounce, up 0.4%.

 

The March silver contract on MCX was at 45,825 rupees per kg, while the same month silver contract on COMEX was at $17.62 an ounce, both up 0.7% from the previous close.

 

The outbreak of coronavirus has killed 1,367 people in China, up 254 from the previous day, the National Health Commission said. The virus has infected nearly 60,000 people worldwide as of today, while 14,840 new cases have been reported in China's Hubei province, where the virus originated. 

 

The administration said it had started including "clinically diagnosed" cases in its figures, which led to the spike, while also using a new diagnostic method, raising concerns over the scale of the crisis.

 

"The subsiding risk appetite in global market boosted appetite for safe haven assets such as bond and bullion," Geojit Financial Services said in a report.

 

OUTLOOK

"Markets may reassess the historical data with the new method. If the trend is found to be slowing, the risk sentiment may improve, weakening the bid tone around the yellow metal," fxstreet.com said in a report. 

 

For the rest of the day, the MCX gold contract is seen at 40,350-40,750 rupees per 10 gm, and the silver contract at 45,250-46,000 rupees per kg, an Angel Commodities report said.

 

On COMEX, gold is seen at $1,566-$1,581 and silver at $17.45-$17.80.  End

 

US$1 = 71.32 rupees

 

Edited by Avishek Dutta

 

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