Gold gains Rs 288 to Rs 40,498, silver up 1.42%

Mumbai-India (Feb 6)  Gold prices gained Rs 288 to Rs 40,498 per 10 grams in Mumbai's bullion market on safe haven demand as the death toll from the outbreak of the coronavirus in China crossed over 500.

The rate of 10 grams, 22-carat gold in Mumbai was Rs 37,096 plus 3 percent GST, while that of 10 grams, 24-carat gold was Rs 40,498 plus GST. The price of 18-carat gold quoted at Rs 30,374 plus GST in the retail market.

According to Navneet Damani, Vice President, Motilal Oswal, gold prices continue to consolidate after it witnessed a sharp fall in the past couple of sessions amidst the strong US economic data. But the weakness seemed to be capped as fears of the rapidly spreading coronavirus, and its impact on the global economy is rising.

On other hand, strong data from US is weighing on the metal prices, after positive PMI numbers, private payrolls number has also come in strong, increasing the bets for nonfarm payrolls data that is scheduled tomorrow.

MoneyControl