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Gold Inches Higher On US Govt Shutdown; 24 K Gold Pricier By Rs. 1850/10gm


Gold in the international market inched higher as the prolonged shutdown in the US impacts economic growth amid a time when the global economy is also going slow on the growth trajectory.

Gold Up On US Govt Shutdown; 24 K Gold Pricier By Rs. 1850/10gm

Spot gold was up 0.1 percent at $1,283.31 per ounce, as of 0326 GMT, while US gold futures were trading down 0.1 percent at $1,282.60 per ounce.

Nonetheless gains have been limited due to slowing investor buying.

The US dollar index, which measures the greenback against a basket of six major currencies, also declined for the third straight day, dropping 0.3 percent during that period.

On Wednesday, US President Donald Trump said that the United States was doing well in trade talks with China, saying at a White House event that China "very much wants to make a deal." But because of a continuous US government shutdown, there are concerns around economic growth which is seen to falter.

In an exclusive interview, as an alarm, if the partial shutdown in the US continues, the US economy could be witness to 0% growth in the first 3 months.

In the domestic market also, there is a significant price rise of Rs. 1850 with 24 K carat gold priced at Rs. 34,600 per 10gm.

Read more about: gold gold price dollar 24k gold
Story first published: Thursday, January 24, 2019, 12:12 [IST]
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