Gold Price Static As US-China Trade Deal Is Seen To Be Deferred Until December

Of late the price of gold is swinging between gains and losses and in Thursday's session has rather stood steady as investors remain cautious as the likely US-China trade deal which was probably to be signed this month is likely to see an extension by one more month i.e. until December. The long-bruising US-China trade war threatened the global economy of a possible chance of a recession. And when the economic and geopolitical conditions are adverse, the yellow-metal gains in price as it is then sought as a safe-haven.

In the international markets, the gold price will see major resistance at $1500 per ounce and many factors including likely US-China trade deal, lower than estimated US trade balance, sharp gains in equities world-over as well as gains in the dollar index have reduced the sheen of gold.

On the MCX, gold for December contract was down 0.1% or Rs. 38 at Rs. 38209 per 10 gm while silver rose 0.09% or Rs. 40 and traded at Rs. 45698 per kg.

In the spot market, gold of 22K and 24 K is available for Rs. 37910 and Rs. 38,910, with a change of just Rs. 10 from yesterday's price levels.

Though the economic recovery, will increase the appeal of other instruments as investors appetite will enhance, nonetheless experts hold a bullish trend for gold given the turmoil in the European Union region with the Brexit deal.

GoodReturns.in