Wednesday, 16 October 2019

Gold prices are down from last month's highs


Gold prices today moved higher in domestic markets, similar to the global trend.

On MCX, December gold future contracts were up 0.13% to 38,084 per 10 gram while silver contracts edged up by 0.44% to 45,427 per kg.

In global markets, spot gold rates were up 0.2% amid a mixed backdrop.

Britain and the European Union are in last-days talks to get a Brexit Deal ahead of a summit of the bloc's leaders this week. People have hopes of a possible good deal to avoid a disorderly British exit from the European Union.

Gold prices probably will continue to trade in a range of $1480 - $1530, unless there is more information about the US-China trade relationships and Fed's monetary policy.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22% on Tuesday from Monday.

The business of selling gold continues to be profitable as many jewellers come up with promotional offers to attract buyers and gold traders want to buy low and sell high.

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