Gold prices held steady above the key $1,600 mark on Wednesday as an uptick inequity due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic.
Spot gold was little changed at $1,602.77 per ounce. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to $1,604.80.
The U.S. dollar also considered a safe-haven during times of economic and political uncertainties, stayed above the more than four-month high against key rivals.
Silver was up 0.4% to $18.24, having earlier touched a three-week peak at $18.26. Platinum also hit its highest in three weeks earlier in the session, at $1,001.67, and was up 0.8% to $1,000.02.
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Indian shares closed higher on Tuesday, tracking broader Asian markets, but recorded their worst monthly and yearly performance in over a decade as the country grappled with disruption caused by the fast-spreading coronavirus.
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The pound fell against the dollar on Tuesday as the U.S. currency gained strength due to its safe-haven properties amid the spread of the coronavirus.
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UK shares rose on Tuesday as a recovery in oil prices and a surprise expansion in Chinese factory activity revived confidence in equity markets amid a deep selloff this month that set the FTSE 100 on course for its worst quarter since 1987.
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The dollar rose against the yen on Tuesday amid fiscal year-end demand by Japanese companies and the Chinese yuan stood firm after a survey showed manufacturing returned to growth in March.
31 Mar 2020 01:04 PM
The Indian rupee stayed higher at 75.43/75.44 to the dollar in Mumbai against 75.61/75.62 in the previous session, as regional risk aversion eased after better-than-expected China manufacturing data and as local equities extended gains.