Gold prices fall to Rs 38,604 on reports of US-China trade deal optimism
BusinessToday.In November 25, 2019
Continuing its decline for the fifth consecutive day, gold prices fell by Rs 166 to Rs 38,604 per 10 gramme on Monday in nation's capital, tracking bearishness from international markets.
"Spot gold price for 24 Karat in Delhi fell by Rs 166 with sell-off in international gold prices," quoted HDFC Securities Senior Analyst (Commodities) Tapan Patel.
The yellow metal had closed at Rs 38,770 per 10 gramme on Saturday.
On Multi Commodity Exchange (MCX), gold December futures contracts continued to trade with volatility within the narrow range and inched 0.40% lower to Rs 37,746 per 10 gramme.
Silver price also declined by Rs 402 to Rs 45,178 per kg from Rs 45,580 per kg in the previous trade.
In international markets, gold prices slipped to their lowest in a week, with spot gold prices falling below USD 1,460 per ounce on Monday amid positive cues on the interim trade deal between the US and China. Silver prices were trading lower at USD 16.86 per ounce, internationally.
As per market experts, reports of signing an initial deal between the US and China by the end of this year gave fresh optimism over a trade truce and decreased demand for the safe-haven asset.
Gold prices in Delhi have gained over 22% year-to-date mainly due to the 16-month long trade dispute between the world's two largest economies and concerns of global depression.
By Rupa Burman Roy