Gold prices in the market has cooled off after rising nearly 1%.
MCX gold futures rose by Rs 304 per 10 grams – or 0.70 per cent – from their previous close to touch Rs 43,778 per 10 grams at the strongest level recorded during the session before giving up most of those gains.
At 1:41 pm, the gold futures contract (delivery on April 3) traded higher by 37.00 (0.09 per cent) at Rs 43,511.00 per 10 grams, compared with its previous close of Rs 43,474 per 10 grams. Analysts said the fear of coronavirus outbreak spreading beyond China and hurting world economy increased the yellow metal’s appeal as a safe haven.
According to Mumbai-based industry body IBJA or India Bullion and Jewellers Association, the indicative selling price of gold jewellery stood at Rs 43,520 per 10 grams (excluding GST) in the first half of the day.
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