Gold prices reached a new record high on the third day in a row and rose to over 41,780 rupees

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China announced on Thursday that it would lower interest rates to boost the economy affected by the coronavirus outbreak.

Gold prices reached a new record high on the third day in a row and rose to over 41,780 rupees
Representative picture.

Gold prices in India reached a new high on Thursday, February 20, extending their upward trend for the third time in a row.

April gold futures on MCX rose almost 0.5 percent to 41,798 rupees per 10 grams. Gold prices were based on the yellow metal international spot prices, which were trading near a seven-year high.

Gold prices on the world market are seen as an upward move as demand for safe havens declines as coronavirus cases decline. China also announced on Thursday that it would lower interest rates to boost the economy affected by the Corona virus outbreak.

China has reported a decline in new cases of coronavirus, according to a Reuters report. Hubei reported 349 cases on February 19 from 1,693 the day before and the lowest since January 25. This is also due to the change in methodology.

Federal Reserve policymakers remain cautiously optimistic about their ability to keep interest rates stable this year.

Investors are also waiting for the U.S. government officials meeting scheduled for Thursday. During the meeting, officials will discuss further export restrictions for Huawei and China.

Against this backdrop, investors continue to see gold as a safe investment option. The gold price rose to Rs 42,339 per 10 grams on Wednesday, an increase of Rs 462.

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