Gold prices steady as demand lifted by slowdown worries, US political turmoil

In the international market, gold prices were little changed at $1,532.20/ounce.

Sep 25, 2019 12:09 IST India Infoline News Service

Gold prices held steady in early trade on Wednesday as demand for the yellow metal rose amid slowdown warnings from Asian Development Bank (ADB) and the political turmoil in the US. 

MCX Gold (Oct) futures were up 0.04% above Rs 38,100/10g. MCX Silver Dec futures were trading above Rs48,000/kg.

In the international market, gold prices were little changed at $1,532.20/ounce. 

Global equities fell as US lawmakers launched a formal impeachment inquiry into President Donald Trump.

Further, a warning from the ADB regarding the slowdown Asian economic growth also lifted demand for gold. The bank said that growth in Asia may be capped this year and next year due to US-China trade war.

ADB also trimmed its growth estimate for India to 6.5% from 7% for FY19 earlier.

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