On the MCX, gold December futures contract declined by a tad Rs. 20 or 0.05% to Rs. 37,870 per 10 gm at around 10:45 am as the long bruising US-China trade dispute now sees some progress. From, the record highs made in early September of Rs. 40,000/10gm, gold has now declined by over Rs. 2000 per 10 gm.
As per a Reuters report, the US President Donald Trump on Friday said that a trade deal will be agreed upon by November 16-17 when the Asia-Pacific Economic Cooperation meeting is scheduled to take place. The progress in US-China trade talk has lifted the risk-on sentiment of investors.
In the global markets, spot gold traded lower by 0.1% at $1,482.41 per ounce.
Also, the likelihood of the US withdrawing Chinese tariffs which are to be imposed from December increased investors risk appetite.
Experts believe that as the Washington-Beijing talks are taking a good shape now, gold prices are likely to remain under pressure.
In the spot market, gold of 22K and 24K in National Capital is priced at Rs. 37410 and Rs. 38610 per 10 gm, respectively.