Oil soars 20% intra-day; gold remains lusterless amid coronavirus fear

Oil prices rose as much as 20 per cent intra-day on Thursday, recouping some losses from a sell-off that drove prices to near 20-year lows, even as base metals and gold contiued to remain under pressure because of economic uncertainty in view of the coronavirus pandemic.

Metal prices declined between 3 per cent and 6 per cent on the Multi Commodity Exchange (MCX), toeing global move as selling pressure. Gold and silver, too, dropped in the domestic market, as well as globally. 

On the other hand, Brent crude was up $3.56, or 14.31 per cent, to trade at $28.44 a barrel (11:37