Gold price today: Yellow metal gains as trade war tensions escalate

09-10-2019 16:35 PM

Gold prices rose in futures trade on October 9 as trade tensions between the US and China escalated prompting investors to seek shelter in safe-havens such as Gold or Silver.
The yellow metal's December futures traded at Rs 38480 per 10 gram, up Rs 97 or 0.25 percent on the MCX around 1100 hours IST.
Gold and Silver prices bounced back from the lows after downbeat US PPI Data, Brexit fear, and a selloff in global equities. Ahead of US-China trade talks, US blacklisted 28 Chinese entities that prompted safe-haven buying.

“Trade tension between the US and China escalated which supports gold prices and it crossed $1500 per troy ounce, silver prices also sustain above $17.40 per troy ounce,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.
“Gold prices at MCX closed above Rs 38,300 and silver prices closed above 45800 levels. We expect gold and silver prices remain firm and any dip in the prices will be an opportunity to buy again,” he said.
Jain further added that Gold can buy around Rs 38,250 with a stop loss of Rs 38,050 for a target of Rs 38,600. Silver can be bought around Rs 45,500 with a stop loss of Rs 45,200, and a target of Rs 46,100.

Courtesy: Moneycontrol.com

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