Due to US & China Trade Situation Gold Prices are Set on High

On Thursday, Gold prices rise amid US-China trade talks. The world's top two economies are moving closer to agreeing on the number of tariffs to be rolled back in a phase-one trade deal, said a report.

According to Money Control, the Multi Commodity Exchange, gold contracts for February next year traded higher by Rs 59, or 0.15 percent, at Rs 38,153 per 10 gram at 09:20 IST. It closed 0.6 percent lower at Rs 38,094 on December 4.

Gold prices on Wednesday jumped Rs 332 to Rs 39,299 per 10 gram in the national capital, tracking a positive global trend. In the previous trade, the yellow metal had closed at Rs 38,967 per 10 gram. Silver prices also zoomed Rs 676 to Rs 46,672 per kg from Rs 45,996 per kg. In the global market, gold was trading higher at USD 1,483 per ounce, while silver also quoted higher at USD 17.27 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel told PTI, "Gold prices witnessed buying after US President (Donald Trump) said that the trade deal with China may take place after November 2020 elections which fuelled buying in safe haven over economic recovery concerns."