Gold price slips by Rs 1590 as Asian bourses touch 19-month high
New Delhi | Jagran Business Desk: Price of Gold and silver fell on Monday led by a strong rally in domestic stock markets (Sensex and Nifty), weak global cues and the strengthening of the rupee. Meanwhile, Asian bourses touched a 19-month highs ahead of the planned signing of an interim trade deal between Washington and Beijing. In February, gold futures on MCX were down by Rs 171 to Rs 39,700 per ten grams. On the other hand, silver for March contract became cheaper by Rs 261, ie 0.56 per cent and sold at the rate of Rs 46,650 per kg.
Last week, Gold Future Rate reached Rs 41,293 per ten grams amid tension between the US and Iran, there was a rise in gold.
As tensions eased, the price of gold has seen a drop of more than Rs 1,590 in the last seven days.
The price of this precious yellow metal is seen to fluctuate due to the height of tension in West Asia. It is noteworthy that the region has been tense since the killing of Iran's top commander Qasim Sulemani in the US attack on January 3 and the attack on the US military bases in Iran in response.
On the Multi Commodity Exchange (MCX), Gold for April delivery declined by Rs 232 to Rs 39,822 per 10 grams.
In global market, the price of gold fell by 0.3 per cent to USD 1,555.4 an ounce on Monday. Silver shed 0.2 per cent to USD 18.05 an ounce.
The impact of this week's trade deal between US and China will lead to a drop in the prices of gold, silver, crude oil, world stock markets, currency in the coming days. It is worth noting that there was an increase of 18 per cent in the price of gold due to trade war and global concerns between the US and China last year.
Posted By: James Kuanal