Gold prices traded greater in Tuesday’s early commerce as fears over rising coronavirus instances around the globe boosted demand for the safe-haven steel.

MCX Gold futures have been up 0.07 per cent at Rs 48,279 per 10 gram, whereas Silver futures traded 0.34 per cent greater at Rs 49,151 per 1 kg at round 9.05 am (IST).

Confirmed coronavirus instances worldwide exceeded 1 crore and deaths surpassed 500,000 over the weekend.

SPDR Gold Belief, holdings elevated 0.3 per cent to 1,178.90 tonnes on Friday, whereas speculators elevated their bullish positions in COMEX gold and silver contracts within the week to June 23, based on Reuters.

“Concern over the uptick and unfold the virus has been extremely supportive of the protected haven asset class, particularly gold,” Reliance Securities mentioned in a report.

International gold costs held regular and have been heading for his or her greatest quarterly rise in additional than 4 years.

Spot gold was principally unchanged at $1,770.77 per ounce, simply $8.29 shy of a close to eight-year excessive of $1,779.06, hit final week.

Bullion, with greater than 12 per cent positive aspects this quarter, is on observe for its greatest quarter since end-March 2016. Gold was additionally headed for its third straight month-to-month acquire.

US gold futures have been flat at $1,781.20.

Palladium eased 0.1 per cent to $1,902.68 per ounce, whereas platinum rose 0.1 per cent to $806.22 and silver misplaced 0.3 per cent at $17.81.