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Gold Price Retreats Lower On Global Cues
Gold prices are on a declining spree ever since it hit the Rs. 40000 level mark per 10 gm in India in late September. This is after influence from the global rates which are also below the key levels of $1500 per ounce at $1455.55 per ounce.
It is to be noted that festive and wedding season demand as well as the ongoing depreciation in the home currency has limited further losses in the gold price which now is priced for Rs. 38,160 per 10 gm (24K gold).
MCX markets are closed in the first half due to a holiday on account of Guru Nanak Singh Jayanti but will open later in the day at 5 pm.
In the global markets, gold due to a sharp rally in equities and positive progress in US-China trade talks witnessed its highest decline of 3.6% in over 3 years. But as the picture around US-China deal is still hazy with Chinese former Finance official saying that even as there is progress on the issue the conflict shall persist. And the US President also declined on a complete rollback on tariffs on Chinese goods.
Meanwhile, the chaos that arose in Hong Kong markets and still the Brexit deal may provide an upward momentum to the metal in the time to come.
Also, as the prices have corrected sharply from peak levels, there is expected to be a rise in demand of precious yellow metal ahead of the wedding season.
