Gold price hits record high amid fears over coronavirus crisis

Gold price hits record high amid fears over coronavirus crisis

Gold, Silver price today: Price of gold and silver Gold prices in Indian commodity markets continued the upward trend on Monday, in line with gains overseas, as equities worldwide reversed the trend and fell marginally into the red.

Spot gold blasted past its longstanding record as the dollar plunged and concerns about the global economy boosted demand for havens.

The greenback was also down against most other currencies, with the euro at its highest since September 2018.

The dollar extended its recent slide and gold rose to a record high as investors mulled simmering Sino-American tensions, the upcoming Federal Reserve meeting and signs the virus spread in the U.S. may be slowing. "And as long as the [virus situation] gets worse, the market is discounting more stimulus for a longer period of time and in bigger quantities, and all of that is bullish for gold", he said.

The price of gold soared to a record high on Monday, rising for a fourth consecutive session, as investors seek to park their money in safer destinations at a time of rising U.S.

"When we think about the gold market what we're really thinking about is what happens with real USA yields", said Capital Economics analyst Kieran Clancy, adding inflation expectations were likely to rise as the global economy rebounds, pushing real yields even lower and gold higher.

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The price of 24-carat gold stood at Rs 50,920 per 10 gram in New Delhi, while in Chennai, the price of 24-carat gold price in Chennai stood at Rs 53,490.

Spot gold rose 1.5 per cent to $1,928.83 per ounce by 0306 GMT after hitting an all-time high of $1,933.30.

Covid-19 cases have risen to more then 16 million globally.

US bond markets have been a key metric to watch and a driving force behind the rush to gold, which is serving as an attractive hedge as yields on Treasuries that strip out the effects of inflation fall below zero.

Mihir Kapadia, head of Sun Global Investments, thinks that could also help boost the price further: "With eyes on the upcoming Fed policy meeting later this week and more concerns over geopolitical tensions, further gains can be expected with these factors likely to weigh heavily on the stock markets for a few more weeks to come".

He says though if you fancy visiting your haul, you can't: "It's hard to over-state the level of security at professional bullion vaults, and for the vast majority of people, being shown a shiny yellow brick wouldn't prove much anyway". US Bonds yields is also low which supports safe heaven demand for bullions. The precious metal has climbed 26 percent this year. Silver, however, declined by Rs 109 to Rs 62,262 per kg.

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