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Gold Prices React To Brexit Deal, China GDP Growth Data, US Tariffs On EU

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Gold prices in India saw a marginal decline as global rates react to improved risk appetite from Brexit-deal news while China's lower than expected GDP growth curbed losses.

On MCX, gold futures (December 2019) were trading Rs 97 or 0.25 percent lower at Rs 38,099 per 10 grams on Friday. Silver futures (December 2019) followed the yellow metal in its losses, falling Rs 230 or 0.50 percent to Rs 45,315 per kg.

 

In the international market, spot gold remained unchanged at $1,491.62 an ounce.

Gold Prices React To Brexit Deal, China GDP Growth Data, US Tariffs On EU

On Thursday, European Union leaders had unanimously agreed to a new Brexit deal with the UK. British Prime Minister Boris Johnson said the "Parliament should get Brexit done on Saturday."

However, appeal for the safe-haven metal did not wane as concerns over the world's economic health persist.

China's economy grew at the slowest pace in nearly three decades in the third quarter of 2019. The country's gross domestic product (GDP) grew at 6 percent for the July-September period, down from 6.2 percent in the previous quarter, as per data released by China's National Bureau of Statistics on Friday.

On Thursday, the Chinese commerce ministry said that China hoped to reach a phased agreement with the United States over trade as early as possible. The International Monetary Fund (IMF) welcomed the de-escalation in tensions between the two largest economies in the world but said that an urgent need to update the trade rules was needed to restore strong growth in the global economy.

Meanwhile, the US imposed tariffs on goods worth $7.5 billion from the European Union, on Friday, despite threats of retaliation. The biggest targets were Airbus, French Wine and Scottish Whiskies.

The tariffs became effective at midnight (Washington time) as European and American trade representatives failed to win a last-minute reprieve after their talks.

 

These tariffs will offset any progress in the trade dispute between the US and China, keeping the world's economy at the risk of destabilizing, if or when Europe retaliates.

Story first published: Friday, October 18, 2019, 13:15 [IST]
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