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Gold And Silver End September Back Where They Started

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On Monday, the last day of September, rates of the precious metals declined as fears of escalations in US-China trade war eased. On MCX, gold futures were trading 0.93 percent or Rs 350 lower at Rs 37,400 per 10 grams of 22 carats while silver futures were down by 2 percent or Rs 909 to Rs 44,608 per kilo from their previous close.

Gold And Silver End September Back Where They Started
 

On 30 August, gold futures (October 2019) ended at Rs 38,656 per 10 grams and silver futures at Rs 46,742 per kg, slightly higher than September's closing prices.

The month of September saw gold and silver prices in India touching their all-time highs of Rs 39,885 (per 10 grams) and Rs 51,489 (per kg), respectively, in the first week. Prices slipped as many diluted their investments in the metals as an opportunity for profit-booking presented itself.

The fluctuation in prices was largely on account of events around the US-China trade, Brexit and other geo-political tensions that ignited concerns of a slowdown in the global economic activity.

Gold and silver prices in India are also highly influenced by global trends.

On the trade war front, tensions have now eased after a Bloomberg report on Saturday quoting Treasury spokeswoman Monica Crowley said that US exchanges are not contemplating on blocking Chinese companies from being listed on American stock exchanges at this time. A Reuters report a day before said that the US administration was considering de-listing Chinese companies.

Contradicting news reports have created short term confusion among traders who are choosing to switch their position from equities to bonds, which makes the US dollar gain. As the American currency strengthens, it makes gold purchases expensive for importers in other countries, thus reducing its demand.

Further, on Sunday, Chinese Vice Commerce Minister Wang Shouwen said the two largest economies of the world would be resolving their trade dispute "with a calm and rational attitude." The Chinese and American authorities are scheduled to meet in October for trade negotiation talks.

October

 

In the month of October, gold and silver prices will be affected by the results of the trade talks, central bank monetary policy rate decisions, domestic demand in India on account of festivities and approaching Brexit deadline.

Read more about: gold silver gold price silver price
Story first published: Monday, September 30, 2019, 17:31 [IST]
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