Indian authorities alerted all states about the new variant and asked them to strictly screen and test passengers arriving or transiting from three countries in which the variant was confirmed – South Africa, Botswana and Hong Kong.
On MCX, gold futures were up 0.44 per cent, or Rs 209, at Rs 47,630 per 10 grams. Silver futures rose 0.12 per cent, or Rs 76, to Rs 63,868 per kg.
“Support prices are a fall in US bond yields and a stagnation in the US dollar index. An increase in Chinese gold imports also reflects strong demand. However, the weighting of the price is a lack of investor interest and increased expectations of the Fed’s monetary tightening. Kotak Securities VP-Head Commodity Research Ravindra Rao said gold may trade higher as the market reacts to developments related to the new virus, however, a sharp rise is unlikely with the focus still on the Fed .
According to the Indian Bullion and Jewelers Association, gold of the highest purity was sold at Rs 47,687 and silver at Rs 63,308 in the spot market on Thursday.
“In MCX, gold has entered the consolidation zone and remains in place till it breaks the Rs 47,700 level or Rs 47,300 level. Buy area is above Rs 47,700, target of Rs 48,000. Sell zone is below Rs 47,300 for target of Rs 47,000,” said Ravi Singh, vice president and head of research, ShareIndia.
Spot gold was up 0.2 per cent to $1,792.62 an ounce as of 0051 GMT. US gold futures rose 0.5 per cent to $1,793.90. Spot silver fell 0.1 per cent to $23.55 an ounce. Platinum fell 0.6 percent to $989.77, while palladium rose 0.4 percent to $1,866.34.
China’s net gold imports through Hong Kong rose to the highest level since June 2018 in October, as buyers in top consumer stocks stocked the metal as a cushion against rising inflation. read more