Coronavirus scare: Sharp jump in gold price; silver nearly 50,000/kg

Funds rush to hedge in safe haven

The price of gold witnessed another steep jump globally on Monday amid rising coronavirus concerns.

At Zaveri Baazar here, standard gold closed Rs 1,840 or 4.4 per cent higher at Rs 43,415/10 grams on Monday, witnessing the highest single-day rise. Considering 3 per cent GST, it was quoted above Rs 44,717/10 gm. Silver, too, was shining at Rs 49,035 per kg (up 3 per cent) and with GST, the metal has already exceeded the Rs 50,000-mark.

Analysts expect gold may breach the Rs 45,000-mark in the local market, while silver trade over Rs 50,000 (both without the GST).  

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