Gold prices fall by 0.20 percent after reaching its day high, silver edges higher

Gold prices on Wednesday fell 0.20% to Rs 38,310, after rising to Rs 38,574 per 10 grams at day's high. The yellow metal had closed at Rs 39,010 per ten grams on Monday. Silver was trading up by Rs 1,010 to Rs 47,330 per kg as against the Monday's closing price of Rs 46,320 per kg.

According to Live Mint, Silver futures on MCX gave up some gains but still traded 0.15% higher at Rs 45,943. However, in spot markets, gold prices rose Rs 315 to Rs 39,325 per 10 grams in Delhi market. Silver was trading up by Rs 1,010 to Rs 47,330 per kg. In global markets, spot gold rose 0.1% to $1,505.95 per ounce. US visa restrictions on Chinese officials and addition of more Chinese companies to a US trade blacklist ahead of trade talks weighed on hopes that the two countries could resolve the trade spat.

Jewellery business saw a sharp fall in sales from mid-June on the back of surge in gold prices. The trend continued in July and resulted in considerable de-growth in sales during the month. Federal Reserve Chairman Jerome Powell told Live Mint on Tuesday that the possibility of another interest rate cut after a report showed the growth in the vast US services sector is slowing. Data released earlier this week showed an US factory activity contracting to its lowest level in more than a decade.

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