Gold prices dip on hopes of US-China trade deal

The price of gold today fell after US President Donald Trump said an interim trade deal with China is close. “Washington and Beijing are close to an agreement on the first phase of a trade deal, Trump said on Tuesday, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues,” said a Reuters report.

According to moneycontrol.com, Gold December futures were trading with a loss of 0.18 percent at Rs 37,650 per 10 gram at 0920 hours.

Gold prices on Tuesday fell by Rs 68 to Rs 38,547 per 10 gram in the national capital on rupee appreciation and weak demand, according to HDFC Securities. Gold had closed at Rs 38,615 per 10 gram on Monday, it said. The absence of strong demand in physical market kept gold prices under pressure in India, he added.

The rupee on Tuesday appreciated by 8 paise to 71.66 against the US dollar in early trade propelled by foreign capital inflows and gains in domestic equity market. Silver also fell marginally by Rs 39 to Rs 45,161 per kg from Rs 45,200 per kg in the previous trade. In the global market, both gold and silver were trading flat at USD 1,455.30 per ounce and USD 16.88 per ounce, respectively.

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