Gold Trades Steady In the Domestic Markets

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Gold prices were trading steady in the domestic markets, taking cues from the subdued trend, that was prevailing in the international markets.

Gold Trades Steady In the Domestic Markets
Spot gold rates in Mumbai was little changed at Rs 29,100 per 10 grams for 22 karats. Focus has now shifted to the international markets, where the European Central Bank officials are set to meet to decide on policy rates and easing. A rise in international prices of gold, would lead to gains in India.

Spot gold rose marginally by 0.2 percent at $1,272 an ounce. On Wednesday, it had hit its strongest level in a week touching $1,273 an ounce.

There has not been too much volatility in gold prices in the last few weeks and the price in Oct has been very steady.

However, there might be heightened volatility, as we head into December, give that the US Fed would meet to discuss on policy rates. Should the US Fed hike interest rates, we might see fresh selling.

In any case gold prices have had a stellar rally since the beginning of the year, though the trend now is very much subdued. Check gold rates in your city here

Read more about: gold
Story first published: Thursday, October 20, 2016, 12:34 [IST]
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