Gold prices rise amid uncertainty over US-China trade talks continues

On Tuesday, gold prices rose on uncertainty over US-China trade talks ahead of tariff deadline. Gold prices rose to Rs 37,792 per 10 gram on account of a stronger rupee.

On the Multi Commodity Exchange, gold contracts for the February delivery traded higher by Rs 12, or 0.03 per cent, at Rs 37,583 per 10 gram in a business turnover of 16,362 lots. Gold for delivery in April next year also edged up by Rs 20, or 0.05 per cent to Rs 37,678 per 10 gram in a business turnover of 2,358 lots. Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on positive overseas trend. Globally, gold price was quoting 0.05 per cent up at USD 1,468.80 an ounce in New York.

Silver prices also fell by Rs 89 to Rs 44,640 per kg from its close of Rs 44,729 per kg on Tuesday.

Traders remained cautious as US President Donald Trump has to decide whether to impose tariffs on nearly $160 billion in Chinese consumer goods later this month. News reports on Tuesday said both US and China are planning for a delay of the December tariffs.

In global markets, gold prices are up about 14% so far this year amid months-long US-China trade spat, central bank buying and worries over global growth. In India, they are up about 19%, further boosted by import duty hike and the rupee's depreciation against the US dollar.

(Inputs from Agencies)

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal