Gold prices in India rose today, following an increase in global rates. At MCX, gold futures prices in December moved 0.4% higher to ₹ 37,677 per 10 grams, breaking a seven-day streak. Silver prices also rose in MCX, up 0.42% to ₹ 44,225 per kg. In world markets, gold prices rose today when investors sought gold security in the face of doubts about whether the US. UU. And China will be able to reach a trade agreement shortly after President Donald Trump signed legislation that supports Hong Kong protesters, a measure that was condemned by Beijing. Gold spot rose 0.1% to $ 1,456.22 per ounce.
Hareesh V, head of commodity research at Geojit Financial Services, said gold has a support of ₹ 37,480. “An unexpected increase above $ 37,800 would raise prices to $ 38,300 or even more,” he said.
Domestic gold prices have been under additional pressure due to the strength of the Indian rupee against the US dollar, says Abhishek Bansal, president of the ABans Group of Companies. The growing inflows of foreign portfolio investors (FPIs) have brought the rupee to highs of several weeks.
Gold prices have remained choppy in recent days amid some optimistic economic data from the US. UU. The optimism that the United States and China could close a trade agreement soon had also caused a rebound in assets such as stocks.
Gold is considered a safe reserve of value during economic or political uncertainties. In world markets, prices have risen more than 13% this year, due to concerns about global growth due to the trade dispute between the United States and China.
Gold has been choppy in recent sessions amid conflicting signals on the commercial front, but has managed to stay in the range of $ 1450-1480 / ounce, says Kotak Securities in a note.
“Gold ETF investors also moved to the margin after brief entries earlier this week. Gold holdings with SDPR ETF, the world’s largest gold-backed fund, remained stable at 896.47 tons. Gold has stalled at $ 1450-1480 / ounce and can continue in this range unless we have more clarity on the trade issue between the United States and China and the Fed’s monetary policy, “the broker added.