Bullion counters, considered an alternative investment during times of political and financial uncertainty, edged higher in early trade on Tuesday amid lack of clarity on the US-China trade deal.
Even as Beijing and Washington have taken steps to defuse their dispute, they diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of Muslim Uighur minority.
Gold futures on MCX were up 0.12 per cent at Rs 38,303 per 10 gram, while silver futures rose 0.44 per cent to 45,864 per kg.
Brokerage SMC Global said bullion counters may trade sideways to upwards. Gold can jump towards Rs 38,400 while taking support near Rs 38,050 and silver can move towards Rs 45,950 while taking support near Rs 45,150, it added.
In the US market, gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of US along with concerns about an interim Sino-US trade deal lent support to the safe-haven bullion.
Spot gold rose 0.3 per cent to $1,488.99 per ounce by 0340 GMT, reported Reuters. Earlier in the day, prices hit their highest since November 7 at $1,489.52. US gold futures also edged up 0.3 per cent, to $1,492.80.
Silver rose 0.7 per cent to $17.54 per ounce, after scaling its highest since November 7 at $17.57 earlier in the session.
Palladium was down 0.1 per cent to $1,874.48 per ounce, while platinum was flat at $935.89.
Source: Economic Times
