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Gold Prices In India Ease On Global Cues

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On Tuesday, gold prices in India experienced a decline, mirroring movement in the international market.

On MCX, gold futures were trading Rs 138 or 0.36 percent lower at Rs 38,334/10 grams from its previous close, while silver futures were down by 0.29 percent or Rs 133 to Rs 46,479/kg.

Gold Prices In India Ease On Global Cues
 

In the global markets, spot gold fell by 0.3 percent to $1,505.27 an ounce and US gold futures inched down by 0.2 percent to $1,507.70 per ounce as hopes over US-China trade negotiations increased investor appetite for riskier assets.

Recent hopes of truce between the two largest economies of the world have strengthened the US dollar. The American currency becomes appealing on optimism towards the US economy and puts pressure on gold prices. A stronger dollar also makes gold expensive for buyers of the metal in other currencies, reducing demand.

Recent data release and US Fed Reserve statements have suggested that the outlook for the world's biggest economy isn't as bad as earlier feared, easing fears of a global recession.

The optimism over the outcome of the trade negotiations has also been reflecting in the Asian stock markets.

In India, BSE's benchmark index Sensex touched its new all-time high of 40,406.39 on 4 November. The Indian rupee, which often moves in the direction of the markets, was also seen trading higher on Tuesday at 70.71/dollar, making the precious metal less burdensome to buyers in the domestic currency.

Story first published: Tuesday, November 5, 2019, 16:13 [IST]
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