Gold rate jumps as Sino-US hostilities escalate

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NEW DELHI: Gold and silver prices gained on Tuesday as escalation of hostilities between the US and China forced investors to seek refuge in the safe haven counter. A sharp increase in Covid-19 cases also triggered investors’ migration to precious metals.

China’s foreign ministry office in Hong Kong and the city’s security chief defended proposed security laws by describing some acts in mass pro-democracy protests last year as terrorism.

The proposed legislation could lead to US sanctions on Hong Kong and China, and threaten the city’s status as a financial hub, White House National Security Adviser Robert O’Brien said on Sunday.

Gold futures were up 0.28 per cent or Rs 132 at Rs 47,105 per 10 grams. Silver futures added 1.39 per cent or Rs 670 to Rs 48,927 per kg.

Spot gold markets remained shut due to lockdown in the country to check the spread of Covid-19, according to HDFC Securities.

Globally, gold ticked higher as brewing Sino-US tensions over Hong Kong lifted demand for the safe-haven metal, though easing coronavirus-induced lockdown restrictions supported equities and capped bullion’s gains.

Spot gold rose 0.2 per cent to $1,732.38 per ounce by 0241 GMT. U.S. gold futures were down 0.1 per cent to $1,733.50.

Among other precious metals, palladium gained 1.1 per cent to $2,013.98 per ounce, platinum added 1.3 per cent at $849.32, and silver rose 0.8 per cent to $17.34.

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