Gold which is deemed to be a safe haven in times of turmoil has again rebounded due to fresh tariff imposition by the US President on Chinese imports of $300 billion. With this trade truce attained during the month of June comes to an end, intensifying trade war situation further between the two nations.
In the international markets, gold held steady at $1444.9 per ounce after rising on Thursday by as much as 2.4%.
Gold prices jumped 0.62 per cent to Rs 35,132 per 10 gram in futures trade Friday. On the MCX gold for delivery in August contracts traded higher by Rs 216, or 0.62 per cent, to Rs 35,132 per 10 gram.
Other factors supporting gold price surge include global slowdown concerns, recent rate cut by the US and the depreciating rupee, weakening equity markets which support buying in gold.
Tracking global cues, in the domestic markets however gold declined by Rs. 250 each for 22K and 24 K gold which are priced at Rs. 33,800 and Rs. 34,800 per 10 gram respectively.