Gold Price Climbs On Concerns Over Delay In US-China Trade Deal

On Thursday, gold futures on MCX (Multi Commodity Exchange of India) were trading marginally higher at Rs 38,165 per 10 grams. The yellow metal has been above the Rs 38,000-mark for some time now, reflecting global prices.

In the international market, spot gold rose 0.1 percent to $1,471.93 an ounce as investors worried about the increase in tensions between the US and China over American bills on Hong Kong, potentially delaying their interim trade deal.

For over a year, the US-China trade dispute has been the deciding factor of movement in the yellow metal's pricing. In 2019 alone, gold prices have risen by 14 percent as traders seek refuge in the safe-haven metal in times of economic and political uncertainties.

In India, gold futures hit their new all-time high of Rs 39,885 in the first week of September, after US President Trump imposed new tariffs on Chinese imports.

According to a Reuters report, trade experts now feel that the completion of "phase one" of the trade deal could move to the next year.

The US House of Representatives has passed two bills to back protesters in Hong Kong and send a warning to China about human rights. President Donald Trump is expected to sign them into law.

These bills come after China's condemnation on Washington's interference in the Hong Kong affairs. It also summoned a US embassy official, demanding the US to stop meddling.