Gold price in Hyderabad rises amid concerns over new strain of COVID

Similar trend was also witnessed in other major cities in India

Hyderabad: Gold price in Hyderabad started rising amid concerns over a new variant of COVID-19 which was found in South Africa.

On Friday, the price of the yellow metal was Rs. 44850 per 10 grams. It climbed to Rs. 45050 on Saturday. A similar trend was also witnessed in other major cities in India.

In Mumbai, the price climbed from Rs. 46,940 to Rs. 47,310 whereas, in the national capital, it surged from Rs.47, 000 to Rs. 47, 200 per 10 grams.

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Mammoth crash in Indian equities

Although the gold price in Hyderabad and other cities increased, a massive foreign fund outflow triggered by the panic among the investors over the new variant plunged the key equity indices deep into the red on Friday.

The fall of about 1,687 points in Sensex and 509 points in Nifty50 was triggered by FIIs’ selling. The FIIs sold Rs 5,785.83 crore on the BSE, the NSE and the MSEI in the capital market segment during the day’s trade.

Several countries tighten travel rules

Several countries have imposed travel restrictions on passengers traveling from South Africa.

In India, the government on Friday announced the resumption of scheduled commercial international passenger services from December 15. However, screening has been intensified at airports.

On Saturday, the Mayor of Brihanmumbai Municipal Corporation in Mumbai Kishori Pedneka announced that passengers coming from South Africa will be tested and quarantined.

Meanwhile, Delhi chief minister Arvind Kejriwal on Saturday urged Prime Minister Narendra Modi to stop flights from countries where new variants have been detected.

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