The spread of a new coronavirus has accelerated in Europe, Britain and North America, and investors who once minimized the virus are now reassessing the risks, which means more volatility in the financial markets.
Gold futures jumped 0.31% or 139 rupees to 44,597 rupees for 10 grams, while silver futures fell 0.23% or 111 rupees to 47,261 rupees per kg .
Gold Thursday fell from Rs 157 to Rs 44,250 for 10 grams in the national capital in the middle of a muted demand for the precious metal. Likewise, silver prices also dropped from Rs 99 to Rs 47,517 per kg against Rs 47,616 per kg on Wednesday.
Globally, gold prices remained stable but were on track to post their largest weekly increase since February 2016, fearing that the global coronavirus epidemic would be a serious blow to the global economy.
Spot gold was little changed at $ 1,669.13 an ounce at 12:24 GMT, after increasing by more than 2% in the previous session. US gold futures contracts edged up 0.2% to $ 1,671.00.
A Reuters technical analyst said spot gold could test resistance at $ 1,683 an ounce, a break above it which could lead to a gain of $ 1,711.
Resistance is identified as the 223.6% projection level of an upward trend compared to $ 1,265.85. Thursday’s gain could have been caused by a wave v, the last wave in a five-wave cycle of $ 1,445.18.
Palladium slipped 1.8% to $ 2,486.49 an ounce.
Silver lost 0.5% to $ 17.33 an ounce. Platinum lost 0.7% to $ 858.61.