Gold rate up on safe-haven demand – Economic Times

Gold opened higher Wednesday as demand for the safe-haven asset was boosted by worries over a surge in Covid-19 infections and hopes of more stimulus measures to combat the economic blow.

Total number of Covid-19 patients in India crossed over 4.50 lakh while fatalities climbed above 14,400 levels.

MCX Gold futures were up 0.04 per cent or Rs 19 at Rs 48,251 per 10 grams. However, Silver futures were down 0.16 per cent or Rs 80 at 48,704 per kg.

Central banks across the globe have taken aggressive stimulus measures and kept interest rates low helping gold prices surge more than 16 per cent this year in the international market, as the precious metal is widely viewed as a hedge against inflation and currency debasement.