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Updated on: Saturday, December 14, 2019, 08:43 AM IST

Gold prices fall on reports of US-China trade deal

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On Thursday, gold prices fell ahead of GST Council meeting on December 18. Gold prices fell to Rs 37,827 per 10 gram after media reports suggested that US and China had reached an interim trade deal and averted a fresh round of US tariffs.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 56, or 0.15 per cent, at Rs 37,600 per 10 gram in a business turnover of 16,002 lots. Gold for delivery in April next year also edged up by Rs 59, or 0.16 per cent, to Rs 38,633 per 10 gram in 2,695 lots.

The Indian rupee appreciated by 33 paise to 70.50 against the US dollar in the early trade on Friday. Silver prices fell marginally by Rs 7 to Rs 45,189 per kg from Rs 45,196 per kg on Thursday. In the international market, both gold and silver were trading with marginal gains at USD 1,470 per ounce and USD 16.93 per ounce, respectively.

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on strong overseas trend. Globally, gold price was quoting 0.22 per cent up at USD 1,475.50 an ounce in New York.

(Inputs from Agencies)

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Published on: Saturday, December 14, 2019, 08:43 AM IST
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