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Silver shines, gold edges higher ahead of formal signing of trade deal

Traders pushed the precious metals higher on Thursday as there were concerns on the lack of clarity and formal signing of US-China deal.

US President Donald Trump on Tuesday said there will be a signing ceremony with the Chinese President Xi Jinping to sign the first phase of the trade deal agreed to this month. Beijing is also in close touch with Washington about the deal signing ceremony.

Gold futures was up 0.19 per cent at Rs 38,706 per 10 gram while silver added 0.93 per cent to Rs 46,940.

Brokerage SMC Global said bullion counters may trade with upside bias. Gold can jump towards Rs 38,900 while taking support near Rs 37,550 and silver can move towards Rs 47,400

while taking support near Rs 46,700, it added.

In the US markets, gold prices held steady on Thursday below a near two-month peak hit on Christmas eve, as investors awaited details of a trade deal signing ceremony between the United States and China.

Spot gold was unchanged at $1,499.18 per ounce by 0132 GMT. Prices had briefly touched the key $1,500 level on Dec. 24, their highest since Nov. 5.

US gold futures were down 0.1 per cent to $1,503.10 per ounce. Silver fell 0.2 per cent to $17.76 per ounce, having hit its highest since Nov. 5 on Tuesday. Palladium was flat at $1,884.00 per ounce, while platinum advanced 0.2 per cent to $940.68.

Meanwhile, Russia could consider investing part of its National Wealth Fund in gold, Finance Minister Anton Siluanov said, adding that he sees investment in the precious metal as more sustainable in the long-term than in financial assets.

Source: Economic Times