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Gold Prices In India Continue Their Rally On Global Cues

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Gold prices in India rose for the fourth consecutive day on Wednesday. On MCX, gold futures were trading above the Rs 38,000-mark touching a high of Rs 38,160 per 10 grams.

On the other hand, silver futures on MCX were trading lower, falling below the Rs 48,000 level.

Gold Prices In India Continue Their Rally On Global Cues
 

In the international market on Tuesday, gold prices climbed to their highest level since 5 September to $1,535.60 as political uncertainty loomed in various major economies.

On Wednesday, spot gold remained slightly changed at $1,532.20 an ounce.

Global equities fell after US lawmakers launched a formal impeachment inquiry into President Donald Trump. This news increases concerns of prolonged political uncertainty in the US, the world's largest economy. At times like these, investors prefer to park their funds in safe-haven assets like the bullion.

On Tuesday, Democrats in the US House of Representatives launched a formal impeachment inquiry into Trump as they accused him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election.

Further, at the United Nations General Assembly, Trump delivered a stinging rebuke to China's trade practices and said that he would not accept a "bad deal" in their trade negotiations.

In the UK, its Supreme Court ruled on Tuesday that Prime Minister Boris Johnson's decision to shut down parliament in the run-up to Brexit was unlawful, but Johnson disagreed with the verdict and vowed to make Britain leave the European Union by 31 October, no matter what.

In the Middle East, Saudi Arabia said that it believes Iran conducted the recent attacks on its oil facilities and is considering a military response once its investigation is complete.

Gold prices in India take their cue from global trends in the bullion's trade and rupee's value.

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