New Delhi, January 24: The gold rates remained steady in India, reaching upto Rs 41,380 per 10g of 24 karat of yellow metal on Friday. A volatile behaviour of the market was expected had the World Health Organisation (WHO) declared a "global emergency" over the outbreak of Coronavirus in China. With the WHO refraining from making such a declaration, the gold prices remained steady across the world. Union Budget 2020: Modi Govt Mulls Cut in Import Duty on Gold, Aims to Push Exports of Indian Jewellery in Global Market.

The gold market has shown signs of extremities over the past one month, particularly after the United States and Iran were pushed to the brink of war. As tensions escalated between both the sides, the purchase of yellow metal increased across the world as investors feared how the US dollar would weigh in the upcoming days.

With the situation comparatively de-escalating between Tehran and Washington, the gold market resorted to its normal behaviour. A steady rise has been seen over the past few days, barring the decline on Wednesday, which has kept the precious metal hovering around the Rs 40,000-mark.

The Coronavirus outbreak in China is considered as the next major test for the gold market. Rates are expected to dive into extremities if the SARS-like virus turns into an epidemic. A total of 26 deaths have been recorded so far, with the maximum casualties, 17, in China's Hubei province. Victims have also succumbed to death in the United States, Japan, Macau, Taiwan and South Korea.

(The above story first appeared on LatestLY on Jan 24, 2020 12:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).