Gold: Global prices still at 6-year high amid recession concerns

The global gold rate is hovering at a six-year high due to the US-China trade tiff uncertainty.

Aug 28, 2019 08:08 IST India Infoline News Service

Gold
Gold futures edged higher in the afternoon session on Wednesday. MCX Gold October Futures was trading Rs39162/10gm, up Rs118 or 0.3%.

Prices fell in morning trade due to profit booking by traders in the domestic market.  

Globally, gold prices eased on Wednesday after rising by over 1% yesterday on recession worries.

Spot gold fell 0.4% at $1,535.69/ounce. However, the rate is hovering at a six-year high due to the US-China trade tiff.

Gold rose more than 1% in the previous session as an inversion in the US yield curve deepened adding fresh concerns a recession in the US. The yield curve inversion deepened to levels unseen since 2007.

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