Gold near 6-month high

Gold spurted to a 6-month high in Friday morning trade amid safe-haven demand on fears regarding a global economic slowdown.

Jan 04, 2019 06:01 IST India Infoline News Service

Gold spurted to a 6-month high in Friday morning trade amid safe-haven demand on fears regarding a global economic slowdown. Increased inflows in exchange-traded funds (ETFs) reflected investor’s buying interest in safe-haven assets.

On Thursday, holdings in SPDR Gold Trust GLD, the world’s largest gold-backed ETF, rose to 795.31 tonnes, their highest level since August, 2018.

Meanwhile, investors will be focusing on the release of the US non-farm payroll data due later today, which will give further cues about the health of labor sector in the world’s largest economy.
 
Gold Price Update
COMEX Gold Price (Prev. Close) $1,297.15
% Change 0.73
Gold price in India today (per 10 gms) 31,800
% Change 0.03
Source: IIFL Research

MCX gold prices inched higher in the first half of the previous session, while later in the session, we saw prices inch lower near its support of 31,740. If we see a move below 31,740 in today’s trade, it could send prices drifting towards the 31,600 mark. On the other hand, if prices move above 31,800, it could push them higher towards the 32,000 mark.

Gold Rates - Spot & Futures
Date Spot Price (Rs) Futures Price (Rs)
03-Jan-19 31,997.00 31,798.00
02-Jan-19 31,575.00 31,600.00
01-Jan-19 31,523.00 31,422.00
31-Dec-18 31,504.00 31,391.00
28-Dec-18 31,587.00 31,598.00
27-Dec-18 31,436.00 31,713.00
26-Dec-18 31,411.00 31,559.00
24-Dec-18 31,254.00 31,460.00
21-Dec-18 31,115.00 31,193.00
20-Dec-18 30,931.00 31,311.00
19-Dec-18 30,975.00 31,227.00
18-Dec-18 31,292.00 31,163.00
17-Dec-18 31,302.00 31,630.00
14-Dec-18 31,363.00 31,553.00
13-Dec-18 31,431.00 31,527.00
12-dec-18 31,581.00 31,732.00
11-dec-18 31,621.00 31,935.00
10-Dec-18 31,451.00 32,028.00
07-Dec-18 30,922.00 31,595.00
06-Dec-18 31,097.00 31,089.00
05-Dec-18 31,097.00 31,089.00
05-Dec-18 30,820.00 31,075.00
04-Dec-18 30,825.00 31,106.00
03-Dec-18 30,526.00 30,889.00
30-Nov-18 30,269.00 30,240.00
 Source: mcxindia, IIFL Research

Related Story