Gold price touches all-time high over Coronavirus fears

NEW DELHI: A day after Apple, the world’s most valuable company, rang alarm bells on Coronavirus impact on its sales, prices of gold logged a life-time high of Rs 41,619 per 10 grammes on Wednesday.

In global markets, the precious metal price spikes to a nearly 7-year high as traders migrate to safety over the economic impact of Chinese epidemic.

Demand for the yellow metal has been on the rise for six consecutive days over mounting uncertainty around Coronavirus and its impact on global trade and businesses.

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The global prices of gold also hovered around a seven year high. Gold prices jumped as much as $1,601.77 per ounce in the international commodity markets.

At MCX, the April expiry contract of gold traded at Rs 41,479 per 10 grams, up Rs 56 from its previous close. It logged a life-time high of Rs 41,619 per 10 grams earlier in the day.

The rate of 10 grams, 22-carat gold in Mumbai was Rs 38,139 plus 3 percent GST, while that of 10 grams, 24-carat gold was Rs 41,636 plus GST. The price of 18-carat gold quoted at Rs 31,227 plus GST in the retail market.

Although the fresh cases of Coronavirus dropped on Wednesday, the overall virus related deaths has surpassed the 2,000 mark.

Jaguar Land Rover CEO Ralf Speth also reportedly said that the company does not have enough parts from China to maintain its British production post two weeks.

“We are safe for this week and we are safe for next week and in the third week we have … parts missing,” he reportedly said.

Finance Minister Nirmala Sitharaman has also said that the government will soon announce measures to deal with the impact of the coronavirus outbreak. These measures will be announced in consultation with the Prime Minister”s Office (PMO).

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