Gold and silver were trading lower in India on Wednesday morning as traders locked profits at higher levels.
MCX Gold futures were down 0.12%at Rs 39,061/10g, while silver was down 0.44% at Rs46,505/kg.
US markets remain closed today. Through 2019, gold attracted attention as one of the best performing assets. Recently, gold prices rose to a three-month high on a weaker dollar clocking the highest annual gain in a decade in 2019. The US-China trade war kept uncertainty high and supported prices.
Gold prices in 2019 rose 18% on COMEX and 25% on MCX.
Increased buying from central banks and rise in investment demand for the yellow metal also drove the rally.
Further, in India, the government raised the import duty on gold, which now stands at 12.5% import duty alongside 3% GST. The spike in gold prices has, however, adversely impacted demand for the metal in India.