Gold Price At Rs 38,200 Per 10 Grams In Delhi: 10 Things To Know

Edited By Anshul (With inputs from agencies)

15 Nov 2019, 05:57 PM IST

Analysts say weak global cues led to the fall in gold rates on Friday.

Globally, gold retreated from gains that had been prompted by trade uncertainty. Spot gold was last seen trading at $1,463.90 per ounce, down 0.48 per cent.
According to Tapan Patel, Senior Analyst, HDFC Securities (Commodities), prices in the global market fell after the White House Economic Advisor Larry Kudlow said the US was inching closer to a trade agreement with China.
"This development led to recovery in equity indices and kept the yellow metal prices subdued," he added.
"Hopes of an immediate trade deal and a bunch of recent positive economic releases eased apprehensions of further economic slowdown and boosted the market optimism," said Hareesh V- Head Commodity Research at Geojit Financial Services.
"Increased global economic confidence may reduce gold's safe haven demand gradually. However, growing geopolitical tensions are likely to offer lower level support to prices," he said.
Gold has, meanwhile, risen about 14 per cent this year globally on concerns over the trade war and monetary policy easing by central banks.
"On the domestic side, a weak rupee would limit major selloffs in the counter," Mr Harees V said.
The rupee appreciated by as much as 29 paise to 71.68 against the dollar on Friday.
In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said earlier this month, as domestic prices climb to a record against a backdrop of falling earnings in rural areas.
Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, the lowest since 2016, said Somasundaram PR, the managing director of WGC's operations.