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    Gold rises on safe haven demand as oil crashes, rupee weakens

    Gold rises on safe haven demand as oil crashes, rupee weakens

    Gold rises on safe haven demand as oil crashes, rupee weakens
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    By Ankit Gohel   IST (Published)

    Mini

    Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday as investors rushed for safe-haven buying amid the economic impact of coronavirus outbreak and plunge in crude oil prices.

    Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday as investors rushed for safe-haven buying amid the economic impact of coronavirus outbreak and plunge in crude oil prices.
    Weakening rupee also aided yellow metal prices.
    At 9:10 am, gold futures for April delivery rallied 1.27 percent to Rs 44,718 per 10 grams as against the previous close of Rs 44,158 and opening price of Rs 44,575 on the MCX.
    International gold prices rallied past the $1,700 per ounce level for the first time since late 2012 on Monday, as a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens.
    The rupee opened sharply lower against the US dollar and hit 74 per dollar mark, at the lowest level since October 31, 2018. It opened lower by 25 paise at 74.03 per dollar against Friday's close 73.78.
    Meanwhile, silver futures traded 0.08 percent lower at Rs 46,930 per kg. The prices opened at Rs 47,041 as compared to the previous close of Rs 46,969 per kg.
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