The prices of Gold soared up slightly on Friday amidst increasing fear of Coronavirus outbreak all over the world. The Covid-19 virus has already claimed more than 3,300 lives worldwide. The figure will be increasing in the coming days.
With the fall in industrial production, the global economy has suffered a massive hit. This has, however, been a good time for Gold as more traders rushed to invest in Gold, making it a safe-haven asset.
Spot Gold prices stood at $1,669.13 per ounce on Friday and are on an upward trajectory. Since the last session, Gold has recorded a rise of 2%. If the prices increase further in the coming days, Gold will register the highest weekly gains since February 2016.
The US Gold futures rose by 0.2% and traded at $1,671.00 per ounce. The price of Gold in New York jumped by 0.53% and stood at $1,676.90.
The Gold price has registered an amazing rise of 5.3% over the weekend. Such a major rise was possible as the effect of Coronavirus has already dealt a massive blow on the world economy. Investors have been running to invest in Gold and other precious metals.
On top of that, the US Federal Reserve has declared a major cut in interest rates by 50 basis points further encouraging investors and traders.
Gold Crosses INR 44,000 In India
The yellow precious metal recorded a straight jump of INR 162 on Friday as the global market weakened further. As of now, the Gold price stands at INR 44,620 per 10 grams. Although other commodities have been faltering since the last few months, Gold has been on a steady rise worldwide.