Gold prices rise amid strong demand

FPJ Web DeskUpdated: Tuesday, December 17, 2019, 09:25 AM IST
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On Tuesday, Gold prices rose to Rs 38,034 per 10 gram as speculators widened their bets on spot demand.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 87, or 0.23 per cent, at Rs 37,860 per 10 gram in a business turnover of 16,061 lots. Gold for delivery in April next year also edged up by Rs 117, or 0.31 per cent, to Rs 37,923 per 10 gram in 3,021 lots. Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on spot demand. However, gold price was quoting 0.10 per cent down at USD 1,479.70 an ounce in New York.

Silver prices also gained Rs 234 to Rs 45,460 per kg from Saturday's close of Rs 45,226 per kg.

Gold prices have risen nearly 15% this year on the backdrop of the months-long tariff war and its impact on the global economy.

“The ‘phase one’ trade agreement was announced on Friday and on Sunday US Trade Representative Robert Lighthizer said US exports to China will nearly double over the next two years though officials are yet to decide a date to sign the agreement,” a Reuters report said.

(Inputs from Agencies)

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