The gold prices on the MCX have opened a tad higher on Friday as investors expected the US-China trade deal could harbinger warmer relations between the world’s two biggest economies. “Gold gains as investors hoped the Sino-U.S. trade deal could herald warmer relations between the world’s two biggest economies and help to revive global growth,” Ajay Kedia, Managing Director and Research Head, Kedia Advisories said. On MCX, the gold February futures were trading Rs 82 or 0.21 per cent higher at Rs 39,768 per 10 grams, while Silver futures were ruling Rs 140 or 0.30 per cent higher at Rs 46,562 per Kg.
“The much-awaited Phase 1 trade deal was signed by U.S. President Donald Trump and Chinese Vice Premier Liu He on Wednesday, defusing an 18-month-long row that has roiled global markets. The Fed expressed confidence that borrowing costs are at the right level to sustain growth and lift inflation to healthier levels. The Fed expressed confidence that borrowing costs are at the right level to sustain growth and lift inflation to healthier levels. Holdings of the world’s largest gold-backed exchange-traded fund SPDR Gold Trust rose 0.43% to 878.32 tonnes,” Ajay Kedia said.
Gold prices had gained 18 per cent last year on the back of the trade war and its impact on the global economy. Spot gold edged 0.1 per cent lower to $1,550.96 per ounce. For the week, prices have declined 0.7 per cent so far, it’s lowest since the week ended November 8. US gold futures were flat at $1,550.80. On Wall Street, the Dow Jones Industrial Average rose 0.92 per cent to 29,297.64, the S&P 500 gained 0.84 per cent to 3,316.81 and the Nasdaq Composite added 1.06 per cent to 9,357.13.
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Source: Financial Express
