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Gold Retreats Lower After Equities Edge Higher, Rupee Climbs From Its 2019 Low

Roshni Agarwal

Gold in the international market has lost as the equities world over have surged as the tensions such as the UK crisis and the Hong Kong unrest has settled a bit. The surge has come after the Chinese government said that it will hold talks with the US for tariffs in October. Also, the Hong Kong government has withdrawn the controversial extradition law.

Globally, spot gold prices declined by 0.5%. On Wednesday, SPDR Gold Holdings highlighted that its holdings increased 0.66%.

Gold on Wednesday hit another record high of over 6 years at $1557 per ounce but dropped to $1544.66 per ounce in the spot market.

In the domestic markets too, gold taking cues from the global gold prices lost in price and was trading down by Rs. 324 or 0.81% on the MCX at 39499.00 for October contract.

Silver in line decreased in price by 0.13% or Rs. 66 to Rs. 50125 per 10 gm. The gains in silver price have come for few weeks now and comes as a reflection of the demand i.e. waning in view of the industrial activity slowing across economies. Analysts' estimate gains in silver can even surpass those on gold. And in the domestic markets, gold is expected to surge to levels of Rs. 45000 per 10 gm by Diwali.

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