Gold, Silver Rate Today: Prices Rise After Last Week's Crash As Investors Look For Safety Amid Coronavirus Fears

Gold prices in Indian markets moved higher on Monday after seeing a sharp fall in the previous session. According to Livemint, gold futures prices rose today over Rs 500 or 1.22% to Rs 41,901 per 10 gram on MCX, while silver futures rose 2% or Rs 950 to Rs 45,350 per kg. Meanwhile, gold prices rose more than 1% on Monday in international markets, following a steep fall across the precious metals complex in the previous session, as worries that the coronavirus epidemic could push the global economy into recession sent investors scurrying for safe havens. Silver rose 1.3% to $16.88, backing away from an almost seven-month low touched in the last session. 

In the previous session, Gold prices on Friday fell by Rs 222 to Rs 43,358 per 10 gram in the national capital in line with weak trend in global markets. Silver prices also declined by Rs 60 to Rs 48,130 per kg from Rs 48,190 per kg.

The rout in world stocks deepened, with investors rattled by weekend data from China that showed its fastest ever contraction in factory activity, raising fears of a global recession from the coronavirus, reported Reuters. The worldwide spread of the virus and its implications on the economy had triggered the biggest weekly stock market rout since the 2008 financial crisis last week, wiping $6 trillion off global equities.

Goldman Sachs economists on Sunday predicted the Federal Reserve will cut rates aggressively, saying the head of the US central bank sent a clear signal with his unscheduled statement on Friday, said Reuters. On Friday, Fed Chair Jerome Powell issued a statement in which he said that while the U.S. economy remained strong, the virus "posed an evolving risk" and the Fed stood ready to take action if needed.

(With Agency Inputs)