For Quick Alerts
For Daily Alerts

Gold Prices Drop As "Phase One" US-China Trade Deal Lifts Appeal For Riskier Assets


In the global markets, gold price in Monday's trade fell as easing tension around long-bruising US-China trade war with the announcement of an agreement between the two nations on an interim deal, lifted the appeal for riskier bets.

Gold Prices Fall As US-China Trade Deal Lifts Riskier Assets Appeal

Spot gold hovered lower by 0.1% to $1473.88 per ounce as of 0050 GMT. Also, US gold futures traded lower by 0.2% to $1478.6.

While the "phase one" trade deal was announced on Friday, its official signing is still pending. And on Sunday Robert Lighthizer, the US trade representation said that exports to China would double in the next two years. And amid trade deal, the US has shelved off some of the tariffs on Chinese goods that were to become effective from December 15. Meanwhile, custom tariff commission of China State Council said that it has also done away with its plan to levy additional tariffs on some of the US goods.

Back home, on the MCX gold traded with gains of 0.25% or Rs. 94 at Rs. 37,867 per 10 gm, defying sentiment in the global markets. In line, silver also has gained 0.65% or Rs. 288 and is quoting at Rs. 44,414 per kg.

Last week, jewellers and dealers in gold provided discount on the back of abundant supply and sagging wedding season demand. Elsewhere in Asia, demand is expected to get a boost ahead of Christmas and New year festivities.

Read more about: gold safe haven trade war
Story first published: Monday, December 16, 2019, 11:57 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more