The fear of coronavirus has resulted in the rise of prices of gold and silver. The spread of the virus has acclerated and the investors are re-assessing the risks and this hints towards more volatility in the financial markets.
Gold rates have jumped by 2600 rupees per gram in Udaipur markets in a month's time. Silver rose high by 300 rupees per kilo and this graph is likely to rise even more.
American Central Bank has cut down the interest rates by 0.50 % due to the coronavirus fear. This record breaking jump has led to the entire commotion in jewellery market.
Rupee has gone weaker and the global rally has jumped up the gold prices in entire India. The upward momentum is going to stay for a while as the economy has been disturbed to a great extent. It has also been informed that the Central Banks of other countries might also cut down the interest rates.