Gold steady after hitting Rs40,000/10g on Monday

Gold skyrocketed on increased central bank buying as well as the weekend turmoil around the US-China trade war.

Aug 27, 2019 07:08 IST Tarun Bharat

Domestic gold prices are steady amidst strong equities, after hitting a record high of Rs40,100/10gm in yesterday's session.

Gold skyrocketed on increased central bank buying as well as the weekend turmoil around the US-China trade war. MCX October gold futures were flat at Rs38,842/10gms.

Globally, spot gold prices are off six-year highs after US President Donald Trump on Monday said that a trade deal with China was close after positive gestures by Beijing.

Spot gold was trading around $1,528.35/ounce after soaring above $1,550/ounce on Monday.

Global equity markets also gained momentum after the US-China trade tiff eased.

The rupee is also trading higher against the USD today amid stronger Asian currencies.

Benchmark indices carried morning gains into afternoon trade driven by optimism on RBI's surplus transfer decision as well as buoyant global markets.
 

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