Coronavirus outbreak: Gold selling at huge discount over weak demand

Silver quoting at a premium following scarcity: Crude oil, metals jump

Bullion market is experiencing unusual situation amidst sharp jump in prices of both the precious metals. In international market, gold futures was trading at $1,653 per ounce on Tuesday afternoon, $107 per ounce or over 6 per cent higher than yesterday. However, in India both on MCX and spot markets in Mumbai (very thin deals), it was trading at a huge discount to its landed cost. However, silver was still quoting at a premium to its cost.

Issues in both the precious metals are in some way common with different market fundamentals. Silver demand has seen traction but gold buyers