Of late the price of gold is swinging between gains and losses and in Thursday's session has rather stood steady as investors remain cautious as the likely US-China trade deal which was probably to be signed this month is likely to see an extension by one more month i.e. until December. The long-bruising US-China trade war threatened the global economy of a possible chance of a recession. And when the economic and geopolitical conditions are adverse, the yellow-metal gains in price as it is then sought as a safe-haven.
In the international markets, the gold price will see major resistance at $1500 per ounce and many factors including likely US-China trade deal, lower than estimated US trade balance, sharp gains in equities world-over as well as gains in the dollar index have reduced the sheen of gold.
On the MCX, gold for December contract was down 0.1% or Rs. 38 at Rs. 38209 per 10 gm while silver rose 0.09% or Rs. 40 and traded at Rs. 45698 per kg.
In the spot market, gold of 22K and 24 K is available for Rs. 37910 and Rs. 38,910, with a change of just Rs. 10 from yesterday's price levels.
Though the economic recovery, will increase the appeal of other instruments as investors appetite will enhance, nonetheless experts hold a bullish trend for gold given the turmoil in the European Union region with the Brexit deal.