Gold prices bounce back to positive territory, silver follows the suit
Gold is back to the positive territory after Thursday's sharp fall. The yellow metal (October future) bounced back to trade at 37,890, a 0.35 percent, a rise from the previous day's closing price, at 11.49 am on the MCX.
Gold is back to the positive territory after Thursday's sharp fall. The yellow metal (October future) bounced back to trade at 37,890, a 0.35 percent, a rise from the previous day's closing price, at 11.49 am on the MCX. The metal witnessed a correction over one percent on the MCX yesterday. Silver, which also fell over one percent in yesterday's trade, too rose over 0.61 percent. Gold prices had hit a new high of Rs 38,488 earlier this week. Manoj Kumar Jain, Director & Head of Commodities, IndiaNivesh Securities, said on Zee Business TV yesterday that gold prices went up as the investors scrambled to find safe-havens to park their cash and now it is correcting as the stock market is back to the positive territory.
As the investors were scrambling for a safe investment option amid US-China trade tensions, Spot gold was up 0.5% at $1,507.22 an ounce. The yellow metal has risen 4.6 percent so far this week, its best week in more than three years. US. gold futures also gained 0.6 percent to $1,519 an ounce. Gold has risen more than 17 percent so far this year, propelled by trade tensions and an increasingly dovish monetary policy shift by central banks amid fears of slowing growth, it said.
"Gold seems immune to risk appetite and any positive developments in the U.S.-China trade war. With so much negative yielding debt out there, gold should not see any major selloff unless we see a major breakthrough with trade talks," Reuters quoted Edward Moya, market analyst at OANDA, as saying.