Gold becomes a popular choice in times of geo-political and economic turmoil and as the air around the long-bruising US-China trade seems to settle, the metal is likely to lose its shine, to some degree though.
On Thursday, White House economic adviser Larry Kudlow said the 2 nations are close to reach a trade deal and this provided a lift to investor sentiment. Nonetheless major losses in the yellow metal were held back as China reported weak set of number which again aroused concerns around health of global economy.
In the global market, spot gold fell 0.4% to $1,465.77 per ounce at 0415 GMT. US gold futures were down 0.5 per cent at $1,466.30 an ounce.
Back home, gold on the MCX traded lower by 0.72% or Rs. 276 at Rs. 37990. This is a straight Rs. 2000 discount from the peak levels of Rs. 40000 per 10 gm reached in early September this year.
Spot price of gold in India for 22K and 24K is Rs. 37,400 and Rs. 38,400, down Rs. 120 each.