Gold Firm On Uncertain Global Cues-
In Wednesday’s trade, gold has been trading firm after expectation of a fewer rate hike by the US Federal Reserve lent some support to the precious yellow metal.
There are global cues such as the ongoing US-China trade war which is now likely taking a positive turn after China agree to reduce tariff on US manufactured cars as well as other auto accessories from the previous 40% to just 15%. Other global cues weighing on the gold’s pricing include Brexit deal as well as the pace of rate hike by the US government. Spot gold was up 0.1 percent at $1,243.60 per ounce, while U.S. gold futures rose 0.2 percent to $1,249.8 per ounce. There are expectations doing the rounds that the Fed will up rates in its December 18-19 meeting which will reduce the safe haven appeal of gold and hence prices might trend lower. Nonetheless, the current trend shows that the gold’s appeal as a safe-haven has again gained momentum due to more inflow in ETFs. In the domestic markets, due to wedding season demand has increased in price by Rs. 100 each for 22K and 24K gold. 22K and 24K gold today is priced at Rs. 30,900 and Rs. 32,600 per 10 gm.
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