Gold At Near Six And Half Year High On Break Above $1600 Per Ounce

Gold At Near Six And Half Year High On Break Above $1600 Per Ounce

Feb 19, 2020 12:02 IST capital market

COMEX Gold futures have exploded above $1600 per ounce amid massive buying support. The COMEX Gold futures closed at a near six and half year high of $1600 per ounce yesterday as equities slipped across the board on coronavirus epidemic. The global death count of the virus has breached 2000 now and the total number of confirmed cases also jumped above 75000. Demand was firm for safe-havens after iPhone maker Apple Incs revenue warning following the coronavirus scare. The COMEX Gold currently trades at $1612 per ounce, up 0.56% on the day. MCX Gold futures are trading at Rs 41580 per 10 grams, up 0.40% on the day. Local prices hit their highest levels with a sharp drop in Indian Rupee yesterday buoying the values. The holdings of SPDR Gold Trust, the worlds largest gold-backed exchange-traded fund, rose 0.6% to 929.84 tonnes on Tuesday, their highest over three years, media reports noted.

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