Gold prices fall by Rs 86, traded at Rs 38,073 per 10 gram

Gold prices in India fell by Rs 86 on Friday, this comes after China had wanted to reach an agreement with the US to avoid further escalation of an ongoing trade row.

According to Money Control, the yellow metal traded at Rs 38073 per 10 gram, down Rs 86, or 0.23 percent, on the MCX around 1040 hours IST. Gold and Silver prices slipped on October 10 amid expectations of a possible trade deal between US-china, and US jobless claims fell to 210K against expectations of 215K.

Uncertainty about the outcome of US-China trade talks lifted the safe-haven appeal of gold. Hopes of a breakthrough in US-China trade talks diminished after the Trump administration earlier this week widened its trade blacklist to include some of China's top artificial intelligence startups, ratcheting up tensions. Though gold prices have corrected from last month’s high of nearly Rs 40,000, they are up about 20% so far this year. And combined with an economic slowdown, many analysts have tempered expectation of a sharp uptick in retail gold demand this year.

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