In the global market, gold prices are on a declining trend as the risk sentiment has been cheered after the US Federal Reserve Chair Powell indicated of resorting to 'appropriate measures' for sustaining the economic expansion. Also, the earlier stance by the Chinese government to resume talks on the trade war front have pulled down the value of asset, deemed to be a safe haven in times of distress.
Gold in the international markets opposes the trend in local market today and is trading higher by 0.2% at $1509.81 per ounce. On the contrary, silver has declined in price by 0.6% to $18.04 per ounce.
Back in India, MCX Gold has again declined in price by as much as Rs. 1300 in a week's time, when it last logged a life-time high of Rs. 39,885 per 10 gm. Last, the MCX gold traded at 38390.00 or down by Rs 163 (-0.42%). On similar lines, silver also weakened in price and fell by 0.51% to to ₹47,640 per kg after earlier recording a high of Rs. 51,489 per kg.
Movement in gold price will now be guided by the upcoming ECB meet wherein experts anticipate a rate cut.