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Gold rate today: Bullion flat amid rising global trade tension

Gold and silver futures were flat in the domestic bullion market on Wednesday amid increasing trade tension between the US and other countries and waning hopes of a US-China trade deal.

Trump told reporters in London that he would like to wait until after the 2020 election for the China deal. Besides, fresh US tariffs on Argentina and Brazil, as well as threats of duties on French goods also darkened the mood on equity traders, as a trade war that appeared to be winding down a week ago now seems to be ramping up.

MCX Gold (Feb) futures were trading at Rs 38,316, down 0.03 per cent while MCX Silver (Mar) were up 0.17 per cent at Rs 45,369.

Bullion counters may continue yesterday’s rally, said brokerage SMC Global. Gold (Feb) can move higher towards Rs 38,500 while taking support near Rs 38,100 and silver (Mar) can test Rs 45,600 while taking support near Rs 45,000, it added.

In the US markets, gold prices hovered near a one-month high hit in the previous session, as comments from US President Donald Trump dashed market hopes for a quick preliminary agreement with China, driving support for safe-haven assets.

Spot gold was up 0.1 per cent at $1,478.81 per ounce, as of 0403 GMT, while US gold futures were flat at $1,484.60, reported Reuters.

In other precious metals, palladium dipped 0.2 per cent to $1,851.94 per ounce, after scaling an all-time peak on December 2 at $1,861.71. Silver remained unchanged at $17.17, while platinum advanced 0.2 per cent to $911.24 per ounce.

Source: Economic Times