Spot gold markets remain shut due to countrywide lockdown: HDFC Securities

Spot gold markets remained shut on Thursday due to the countrywide lockdown to prevent spread of COVID-19 pandemic, while the yellow metal quoted with gains in international market, according to HDFC Securities. In the international market, gold was trading with gains at USD 1,717 per ounce, while silver was quoting flat at USD 15.56 per ounce.

"Gold prices rallied on safe-haven buying as investors rush to secure their funds against riskier assets after the US Fed Chairman warned of deeper recession. Prices gained on gloomy economic outlook as equity markets witnessed sell-off," it said. US Federal Reserve chief Jerome Powell warned of a "highly uncertain" outlook for the world's top economy.