According to Angel Broking, On Thursday, Spot Gold prices ended higher by 0.27 percent to close at $1639.6 per tonne as worries over the impact of the Coronavirus breakout could turn into a pandemic and hamper the global economy.
Angel Broking's report on Gold
On Thursday, Spot Gold prices ended higher by 0.27 percent to close at $1639.6 per tonne as worries over the impact of the Coronavirus breakout could turn into a pandemic and hamper the global economy. The impact of the virus breakout is much severe than earlier assessed which dented the risk appetite amongst investors in turn boosting the appeal for the bullion metal. Increase in number of cases from Italy and Iran while U.S. and Germany getting prepared for virus breakout raised genuine concerns in the markets. Moreover, markets assessed that the U.S. Federal Reserve and European Central Bank will soon trim its interest rates considering the worries over the rapidly spreading Coronavirus.
Increase in number of coronavirus cases beyond China might continue to shift the investors towards the safe haven asset, Gold. On the MCX, gold prices are expected to trade higher today.
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